Ms. Phan Thi Kim Lan, Deputy General Director of CEP Microfinance Organization, said that currently, illegal credit is a problem for low-income workers, seriously affecting the lives of workers and the production activities of enterprises. Especially after the Covid-19 pandemic, the need to borrow capital and improve their lives increased, many workers, because they could not access loans from official credit channels, fell into the spiral of high interest rates and illegal credit traps.
Recently, CEP has developed a project "CEP of trade union organizations participating in preventing and combating illegal credit among workers", organized in 9 provinces: Binh Duong, Dong Nai, Tay Ninh, Long An, Ben Tre , Tien Giang, Vinh Long, Dong Thap and An Giang. CEP has also signed with the trade unions of these 9 provinces to provide a loan package of more than 50,000 billion VND for 1.41 million workers to borrow at low interest rates for a period of 5 years (2023 - 2028).
Ms. Phan Thi Kim Lan, Deputy General Director of CEP Microfinance Organization, presents support to workers in difficult circumstances.
The program "CEP shares love, works with workers and laborers to prevent black credit" is an activity to implement the content of this agreement, with a total implementation cost of more than 14 billion VND.
In Ho Chi Minh City, in 2023, CEP will support loans for more than 110,000 workers with a turnover of more than VND 3,532 billion, supporting more than 14,705 workers in difficult circumstances through key activities such as providing capital for workers in difficult circumstances to have more jobs and income; financial education; awarding scholarships to children of customers in difficult circumstances; supporting house construction and repair; supporting workers affected by black credit...
Funding for home repairs and support for disadvantaged workers
At the event this morning, CEP supported loans for 13 workers with a total amount of more than 285 million VND; presented 5 warm kitchens to workers in difficult circumstances who are staying in rented houses (worth 20 million VND); supported 2 cases of workers repairing and building houses (65 million VND); supported one worker with 35 million VND to repay black credit loans and awarded 35 scholarships worth 75 million VND to children of workers in difficult circumstances.
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