Policy credit growth reaches nearly 13%

According to the provincial branch of the Bank for Social Policies, 2023 is the year when the unit has achieved the highest credit growth rate in the past 21 years, with total outstanding loans of policy credit programs (PCPs) reaching over 6 trillion VND, an increase of nearly 700 billion VND, and credit growth of 12.77% compared to 2022.

In the previous year, there were over 114,000 borrowers who participated in credit programs, with a focus on lending to poor and near-poor households, amounting to more than 2 trillion VND. Additionally, there was funding for clean water and environmental sanitation projects in rural areas, with a budget of nearly 1.2 billion VND. The initiatives also aimed to create job opportunities, with a budget of 681 billion VND, and support production and business households in disadvantaged areas, with a budget of 700 billion VND.

Through policy credit, capital sources provided loans to 32,218 poor households and other policy beneficiaries to help them restore their production, and business, as well as promote economic development. This initiative created around 5,560 job opportunities. The program also created capital sources to build and renovate nearly 28,000 clean water and environmental sanitation projects in rural areas. Additionally, more than 330 policy beneficiaries were able to purchase houses, rent social housing, or renovate and repair their houses. The program also provided additional funds to cover tuition fees and purchase online learning equipment for about 1,000 student households with difficult circumstances. Over 280 ethnic minority households received capital support to build houses, invest in economic development, or change their jobs.

Phu Tho province has been implementing 20 PCPs so far. Promoting the role of PCPs has helped to motivate the poor and policy beneficiaries to integrate with the community. This has contributed to reducing the proportion of poor households in the province to 4.44%, which is a 0.75% decrease from the beginning of 2023. Additionally, it has helped to prevent “black credit”, improve the quality of people’s lives, and effectively implement the goal of sustainable poverty reduction. It has also contributed to building new rural areas, local socio-economic development, and maintaining security, politics, social order, and safety.

Le Oanh