Advance Support of 100 Billion KRW in Interest-Free Funds
Emergency Relief Supplies Including Daily Necessities for Disaster Victims
Due to recent torrential rains, the agricultural sector has suffered significant damage, including the flooding of farmland, greenhouses, and livestock barns, as well as the death of 900,000 livestock such as cattle and chickens. In response, the National Agricultural Cooperative Federation has moved quickly to provide emergency support for those affected.
The National Agricultural Cooperative Federation announced that on the 20th, Chairman Kang Hodong visited the severely affected areas of Yesan and Asan in Chungnam, as well as Hapcheon and Sancheong in Gyeongnam, to assess the agricultural situation and offer comfort to farmers.
On the 20th, Kang Hodong, Chairman of the National Agricultural Cooperative Federation (right), visited the severely affected areas of Yesan and Asan in Chungnam to assess the agricultural damage and console the farmers. (Photo by National Agricultural Cooperative Federation)
After surveying the affected areas, Chairman Kang stated, "We will urgently allocate 100 billion KRW in interest-free disaster funds to quickly support the recovery process, including discounts on agricultural chemicals and nutrients, as well as pest control measures to prevent outbreaks. We will also mobilize all resources of the National Agricultural Cooperative Federation to ensure the stability of those affected, by providing daily necessities such as bread and drinking water, relief kits, and laundry vehicles, as well as deploying volunteers from our staff and women's organizations, and supplying various equipment such as disinfection vehicles and water trucks for on-site recovery."
In addition, the National Agricultural Cooperative Federation will implement special support measures for recovery. These include providing up to 10 million KRW in interest-free emergency living stabilization funds per affected cooperative member household, preferential interest rates on new loans, deferment of existing loan payments, exemption of fees for automated teller machines and other deposit-related services, deferment of card and insurance premium payments for up to six months, expedited damage assessments and early insurance payouts, support for recovery of farming materials and facilities, and assistance for equipment replacement and credit branch restoration costs for affected agricultural cooperatives. All of these comprehensive measures will be implemented swiftly.
Chairman Kang said, "I would like to express my deepest condolences to the farmers and residents who have lost their livelihoods and are going through difficult times due to the sudden heavy rains. We will provide prompt support to ensure that affected farmers can resume their agricultural activities without delay, and we will carry out practical, field-oriented recovery efforts so that everyone can return to their daily lives as soon as possible."
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