VIENTIANE, March 22 (Xinhua) -- The Lao government will provide more financial support to help financial institutions in accelerating loans to micro, small and medium-sized enterprises (MSMEs) in 2024.
The added fund mostly comes from the Lao government and previous savings from its MSMEs promotion fund, according to a report from Laos' Ministry of Industry and Commerce on Friday.
At least 70 enterprises under the MSMEs promotion fund will be assessed on their performance with using the funds for their candidacy in 2024.
In 2023, the fund provided credit through eight commercial banks and 11 microfinance institutions.
Among loan recipients, the agriculture sector accounted for almost 43 percent of recipients, the commercial sector almost 21 percent, the services sector over 20 percent, the industrial sector 13 percent, and the handicraft sector 2 percent.
In addition, the MSMEs promotion fund approved funding to support 64 technical projects across the Southeast Asian country, according to the report. ■