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Germany to increase funds for Lao MSMEs in rural areas

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VIENTIANE (Vientiane Times/ANN): Germany has approved an additional US$7.7 million for the Lao Access to Finance Fund (LAFF) to facilitate access to long-term finance for households and micro, small and medium enterprises (MSMEs) in rural areas.

The grant of 6.8mil euros will be provided to the Bank of the Lao PDR through the KfW Development Bank.

The contribution of Germany also continues to support the sustainable growth of the Lao economy by enhancing the business environment for MSMEs. The event was attended by Deputy Governor of the Bank of the Lao PDR, Vatthana Dalaloy; German Ambassador to the Lao PDR, Jens Lütkenherm; and Country Director of the KfW Office in Vientiane, Jan Wiegelmann. Representatives of LAFF committees and finance ministry officials were also present.With the additional grant of 6mil euros provided by Germany, the fund will be able to extend the number of qualified partner financial institutions substantially.

Speaking at the ceremony, Vatthana said “There is a great need for access to smaller sized loans for MSMEs, particularly in rural areas of the country.”

 

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