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Thailand’s Cabinet Approves Plan for National Credit Guarantee Agency

BANGKOK, Aug 13 (Reuters) – In a move to boost loan access for small businesses, Thailand’s cabinet has given the green light to establish a national credit guarantee agency. This initiative aims to provide much-needed financial risk guarantees for smaller firms seeking loans from banks, as highlighted by deputy finance minister Paopoom Rojanasakul.

Importance of Credit Access for Small and Medium-Sized Businesses

The central bank has emphasized the urgent need to enhance credit access for small- and medium-sized enterprises (SMEs) in Thailand. These businesses play a crucial role in the economy, yet they are currently facing challenges in securing loans from financial institutions. According to the central bank’s data, less than half of Thailand’s 3.2 million SMEs have access to formal financing sources.

Timeline for Establishing the Credit Guarantee Agency

To address this issue, the finance ministry and the central bank are working on drafting a law to establish the national credit guarantee agency. The process is expected to be completed within a timeframe of no more than six months, as stated by deputy finance minister Paopoom Rojanasakul.

Previous Government Support for SMEs

In a previous move to support SMEs, the cabinet had approved credit guarantees totaling 50 billion baht ($1.42 billion) earlier this year, enabling these businesses to access much-needed financing.

How AI legalese decoder Can Help

AI legalese decoder can assist in simplifying and translating complex legal language surrounding the establishment of the national credit guarantee agency. By efficiently deciphering legal jargon and providing clear explanations, AI legalese decoder can help stakeholders better understand the implications and benefits of this initiative. This tool can enhance transparency and accessibility in legal documents, ensuring that all parties involved have a comprehensive understanding of the regulations and processes involved in setting up the agency.

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