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CCF Fosters Rural Development

Cập nhật: 30/04/2011 08:22

(VEN) - A national level business which plays the role of a link between credit funds, the Central People's Credit Fund's tasks are regulating capital in the people's credit fund system, participating in activities related to money, credit, banking services, and assisting its member credit funds.

In 1995, the Prime Minister decided to establish the Central People's Credit Fund (CCF) to assist its member funds at the grassroots level.
For the past nearly 16 years, CCF has gradually established the relationship between credit funds throughout the country. Some 1,070 grassroots-level people's credit funds and four State-owned commercial banks have become members of CCF. The fund has expanded its operation network to have 26 branches in 56 provinces and cities. Grassroots-level credit funds are associated with rural areas and their members are farmer households. Therefore, most activities of CCF are targeted at rural areas. It is possible to say that CCF plays an important role for sustainable development of the entire people's credit fund system. The main task of grassroots-level people's credit funds is to serve their members - households which are involved in agricultural production. The political mission of CCF is to contribute to ensuring the safety of the entire credit fund system, giving priority to agriculture and rural development.
Up to December 31, 2010, working capital of CCF has totaled nearly VND11.35 trillion with nearly 90 percent of which being investment in agriculture and rural development. In 2008-2010, CCF gave priority to assisting its member people's credit funds so as to ensure stable, safe operation of the entire system. Compared with companies and individuals, CCF members were offered more preferences in terms of interest rates of loans, regulatory interest rates, debt collection, profits, and remittance charges. CCF always pays special attention to assisting its member people's credit funds in the fields of business administration, financial analyses and project designing.
CCF's activities have not only economic but also social meanings. People's credit funds contribute considerably to creating jobs for local residents, eradicating hunger and alleviating poverty, maintaining economic, political and social security, and preventing the provision of loans at high interest rates.
Not only making use of on-site capital resources effectively, CCF has also been dynamic in seeking support and technical assistance from international financial institutions. That has been a big success of CCF in particular and the entire people's credit fund system in general. So far, CCF has established relations with many banks and international financial institutions such as the Asian Development Bank (ADB), the World Bank (WB), the Japan Bank for International Cooperation (JBIC), the Japan International Cooperation Agency (JICA), the French Development Agency (AFD), the Spanish Agency for International Cooperation (AECI), and AIF (Agence Intergouvernementale de la Francophonie). With support of those banks and international financial institutions, people's credit funds have received long-term credit loans and technical assistance for institutional improvement. People's credit funds have also received technical assistance from some reputable organizations in the world such as the Desjardins Group of Canada, the GTZ organization of Germany, CODESPA, a Spanish international development foundation, NTUC INCOME (Singapore), Rabobank (the Netherlands), the Association of Asian Confederation of Credit Unions (ACCU), and the World Council of Credit Unions (WOCCU). Cooperation projects between Vietnamese people's credit funds and those international organizations have been developed successfully.
Following the Law on Credit Institutions, CCF will further develop to become a cooperative bank with strong financial capacity so that it can provide more assistance to people's credit funds in particular and the cooperative economy in general, withstand competition in the era of international integration, contribute to economic restructuring in rural areas and the implementation of hunger eradication, poverty reduction programs. CCF is committed to providing people with better service./.
By Anh Ngoc

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