National Agricultural Cooperative Federation (NACF) to Provide Additional KRW 500 Million to Flood Victims in South Gyeongsang Province

[Financial News] NACF has made an additional donation of KRW 500 million for flood victims in South Gyeongsang Province through the South Gyeongsang Branch of the Korean Red Cross. It will also continue providing financial support, including living expenses, preferential loan terms and repayment deferrals.
According to NACF on the 22nd, this support is part of a comprehensive assistance program to expedite recovery in Geoje, Tongyeong and other areas of South Gyeongsang Province affected by the heavy rains in August. Including this KRW 500 million donation, the total amount of contributions delivered is KRW 730 million.
NACF has set aside emergency disaster-recovery funds worth up to KRW 50 billion to help farmers resume agricultural operations after farmland flooding and damage to facilities. It continues to provide on-site recovery assistance, financial support, insurance and livelihood stabilization assistance. Immediately after the disaster, NACF provided disaster-relief supplies, including emergency relief kits, laundry vehicles and relief tents for shelters, to farmers affected by the disaster. Employees and executives from across NACF also participated in recovery efforts. The organization provided recovery equipment such as water pumps and pallets, repaired flooded farm machinery and offered free replacements of farming materials. In addition, it is helping affected farms resume operations and stabilize their management by providing KRW 13 billion in interest-free funds.
NACF continues to provide financial support for affected farmers and cooperative members. Nonghyup Mutual Finance is offering interest-free emergency livelihood stabilization funds of up to KRW 30 million to households of affected cooperative members. Nonghyup Bank is providing affected customers with preferential interest rates on new loans, new policy-fund financing, deferrals of loan repayments and credit card bill payments, and waivers of financial fees. NH NongHyup Property & Casualty Insurance is supporting the recovery and management stabilization of affected farms by promptly deploying loss-adjustment personnel to the field, conducting damage assessments and paying 50% of estimated insurance payouts in advance. NACF Chairman Kang Ho-dong said, "NACF's support is a practical effort to help farmers and local residents struggling after sudden disasters get back on their feet," adding, "We will bring together all of NACF's capabilities and remain by their side until the end so that residents of affected areas, including Geoje and Tongyeong, can return to their daily lives and agricultural operations as soon as possible."

[email protected] Seo Ji-yoon Reporter