Financing | March 2021

BFL help finance organic production capabilities in Lao PDR

Banque Franco Lao Ltd (BFL) signed a Memorandum of Understanding with the Task Force Committee for Local Production Promotion, to provide LAK2.1 billion to finance strategic developments in the Agriculture sector of the Lao PDR.

The TaskForce Committee Local Production Promotion is an entity of the Government of Lao PDR (GOL), with the objective to encourage, drive and implement government policy related to agricultural production and consumption of local products, as well as imported consumables goods protection.

Mr. Athsaphangthong Siphandone, Vice Governor of the Vientiane Capital Municipality, represented the Task Force Committee along with Mr. Bounleau Sinxayvoravong, Deputy Minister to the Ministry of Finance and Mr. Lasay Nouanthasing, Director General, Department of Agriculture and Forestry of Vientiane Capital.

Operating in Lao PDR for 10 years, BFL is a full commercial bank providing companies with a complete range of financing and transactional solutions. BFL already participated in major projects financing in the Lao PDR in different sectors such as education, energy, industry, or hospitality.

This cooperation and project financing is particularly significant for both entities as it aims to encourage quality and effectiveness of local agricultural production, in order to ensure sustainability and growth of production, enabling competition with imported agricultural products. Moreover, this will facilitate the sufficient supply of local products to meet the domestic and international demand.

ABOUT BFL (BANQUE FRANCO-LAO Ltd)
BFL is a joint venture between BRED Banque Populaire (BRED Group) and BCEL Public. BRED is a cooperative Banque Populaire, supported by its 200,000 members and 4.4 billion Euros of equity, created in 1919. It is part of BPCE Group, ranked #17 banking group worldwide in terms of Assets. BRED is established worldwide with subsidiaries located in South East Asia (Laos, Cambodia, Myanmar), the Horn of Africa (Djibouti and Ethiopia), the Pacific region (New-Caledonia, Fiji, Vanuatu, and Solomon Islands). BCEL Public is the largest commercial Bank in the Lao PDR. 

ABOUT THE TASKFORCE COMMITTEE FOR LOCAL PRODUCTION PROMOTION
The TaskForce Committee Local Production Promotion is an entity of the Government of Lao PDR (GOL), with the objective to encourage, drive and implement government policy related to agricultural production and consumption of local products, as well as imported consumables goods protection. The TaskForce Committee was represented by Mr. Athsaphangthong Siphandone, Vice Governor of the Vientiane Capital Municipality.

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