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Pattaya Daily News

19 November 2008 :: 12:11:12 pm 40462

Finance Ministry to Seek Offshore Loans to Boost Basic Infrastructure

BANGKOK, Nov 19 - Thailand‘s Finance Minister Suchart Thada-Thamrongvech on Tuesday announced that the ministry plans to seek loans for US$1billion -- Bt35 billion -- from the World Bank and the Asian Development Bank to finance construction of Thailand‘s basic infrastructure projects.
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He said the application for the loans is part of an international borrowing plan to support implementation of 13 state-supported projects initiated to help boost economic growth.

Should the Manila-based ADB be reluctant to lend or slow the loan extension, the ministry would seek the entire loan amount from the World Bank with a 15-24 year term and a grace period of 3-6 years and at a London Interbank Offered Rate (LIBOR) of 0.02-0.20 per cent.

LIBOR, a daily reference rate, is somewhat comparable to the US Federal funds rate. A partial amount of the loans would be set aside to finance construction of six mega-projects such as the dark green- and light green- electric rail routes and dual-track railways. Once the borrowed funds are injected into the system, Suchart said, they would help boost liquidity in the economic system and ease the impacts of the export slump due to the global financial crisis.

The finance minister added that the development projects must be implemented in conjunction with the approved national development strategy, offer high returns to the economy and society, and win approval from Parliament. (TNA)

Reporter : PDN staff   Photo : Internet   Category : Thailand News

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