Bank helps snow-hit areas address consequences hinh anh 1Many hectares of crops were destroyed due to the severe cold in early 2016 (Photo: VNA)
Hanoi (VNA) – The Vietnam Bank for Social Policies (VBSP) has disbursed over 2.5 trillion VND (112.5 million USD) to help locals address the aftermath of the extensive severe cold and snow in the northern and north-central regions in early 2016.

As of February 22, more than 7,300 households borrowed some 167 billion VND (7.5 million USD) from the VBSP, to deal with the damage which was calculated at over 6,900 dead cattle and 1,367 hectares of destroyed farmland.

Governors of the State Bank of Vietnam and the VBSP have directed relevant units to work with authorities and social-political organisations to support locals in the affected areas.

The VBSP also provided loan term extensions for borrowers suffering from the cold spell.

Accordingly, families with damage reported at between 40 and 80 percent will receive a three-year loan extension, while those with damage of above 80 percent will enjoy five-year loan extensions.

During the extended terms, the debtors will not be required to pay interest.-VNA