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Thai Finance Minister Says Development Bank Misunderstands Role.
Aug. 2--Finance Minister Somkid Jatusripitak has cautioned the management of the Small Industrial Finance Corporation (SIFC) against having any misconceptions about the new status of the agency.
"What we need the SIFC to be is not a commercial bank but a development bank," he said yesterday.
He made the comment after visiting the SIFC along with Industry Minister Suriya Juengrungruangkij to discuss their policy goals with management led by president Vichien Opaswattana.
"What Mr Vichien told us today about the SIFC's policy to upgrade its status missed the objective of the government which intends to turn the agency into a bank for small and medium enterprises," Mr Somkid said. "Indeed, it appears to be aimed at bringing the agency up to the status of a commercial bank."
Mr Vichien told the ministers that the SIFC was securing strategic partners and setting up lending criteria, credit quality control and loan monitoring systems.
However, Mr Somkid said the SIFC should play a role to help SMEs obtain financing, not the role of a commercial bank to which it appeared to be going.
To underscore the development bank message, Mr Suriya said the Finance and Industry ministries were studying ways to encourage the SIFC to provide ...
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