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Credit plan for Thai firms that eye

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TCG president Rak Vorrakitpokatorn. The Nation (Thailand)

Credit plan for Thai firms that eye

State-owned Thai Credit Guarantee Corporation (TCG) is planning to offer its credit guarantee services to Thai businesses looking to invest overseas, TCG president Rak Vorrakitpokatorn said.

However, he said, before it can do this, the TCG will first have to call on the Ministry of Finance to revise some of its rules.

He added that while the sun is seen to be setting for some industries in Thailand, they still have the opportunity to enter overseas markets, especially CLMV countries, or Cambodia, Laos, Myanmar and Vietnam.

He said if TCG offers guarantees to Thai firms looking to invest in CLMV, they will find it easier to get bank loans for their investment.

The ministry recently asked the TCG to guarantee 30 billion baht ($960 million) in small- and medium-sized enterprise (SME) loans, but will set up a separate 50 billion baht fund to support SMEs hardest hit by Covid-19 and the economic contraction.

Finance minister Uttama Savanayana said in July that he has assigned the state-owned entity to extend guarantees for SME bank loans worth 30 billion baht.

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