NongHyup Central Association Provides '300 Billion KRW Interest-Free Disaster Funds' to Farmers Affected by Heavy Rainfall

Support of 3 Billion KRW in Donations from National Agricultural Cooperatives and Employees
Up to 50% Discount on Pest Control Chemicals and Joint Pest Control Services
Up to 10 Million KRW Interest-Free Loans per Farm Affected by Heavy Rainfall, etc.

The NongHyup Central Association recently assessed the damage to farms and local agricultural and livestock cooperatives caused by the heavy rains and established a comprehensive support plan to aid in recovery.

On the 17th, Lee Seong-hee, Chairman of the NongHyup Central Association, visited the severely affected regions of Jeonbuk, Chungnam, Chungbuk, and Gyeongbuk to hear opinions from the field. At this meeting, he promised, "We will concentrate all our efforts at the NongHyup-wide level to minimize agricultural damage."

First, NongHyup will provide farming support to affected farmers. To this end, they will implement ▲ 300 billion KRW in interest-free disaster funds ▲ 3 billion KRW in donations from the entire NongHyup organization and its employees ▲ up to 50% discount on pesticides and joint pest control services, free repairs for flooded agricultural machinery, and supply of water pumps ▲ compensation for management expenses and waiver of penalties for contract farms to stabilize the supply and demand of horticultural products ▲ emergency quarantine of livestock facilities, veterinary services, inspection of livestock facilities, and urgent support for livestock materials.

Financial support for affected farms will also be provided. NongHyup Mutual Finance will offer interest-free loans up to 10 million KRW per affected farm, support for recovery funds, preferential interest rates, and deferment of principal and interest payments. NongHyup Bank plans to provide new loan support, maturity extensions, preferential interest rates, and deferment of loan interest and card payment deadlines. NongHyup Life and Non-Life Insurance will promote rapid damage investigation, early insurance payout, and deferment of premium payments.

Additionally, to stabilize the livelihoods of affected farmers, they will provide ▲ emergency relief kits and daily necessities such as bottled water, ramen, and blankets to flooded farms, as well as wallpaper and flooring replacement ▲ operation of meal trucks and laundry trucks in affected areas ▲ volunteer work by NongHyup employees to assist with recovery efforts.

Chairman Lee, who visited the site that day, said, "It pains me deeply that the homes and hard-grown crops of farmers have suffered great damage," and added, "We will devote all our efforts at the NongHyup-wide level to help farmers return to farming as soon as possible."

Lee Seong-hee, President of the National Agricultural Cooperative Federation (right), visited the Jeonbuk region on the 17th to assess the damage caused by the heavy rain and announced damage recovery measures at the federation-wide level.