HONOLULU, HAWAII: The World Bank has offered loans of US$1 billion, or about 30 billion baht, to Thailand for investment in long-term flood prevention projects.
Deputy Prime Minister and Commerce Minister Kittiratt Na-Ranong revealed the offer after meeting World Bank representatives yesterday.
He is representing Prime Minister Yingluck Shinawatra at the Asia-Pacific Economic Cooperation (Apec) meeting in Hawaii.
Mr Kittiratt said the government is considering the bank's loan offer.
The World Bank also offered to provide advice on water management.
Borrowing from the bank would help guarantee that any projects undertaken would be transparent as the bank would witness the procedure, Mr Kittiratt said.
He said the Asian Development Bank, the Japan Bank for International Cooperation and the Japan International Cooperation Agency have also offered help to the government in various forms, including loans.
The government would be open to offers from foreign investors who wished to form a consortium with Thai investors for flood prevention projects.
Mr Kittiratt said he and Virabongsa Ramangura, head of a strategic committee for reconstruction and development, would visit Japan on Nov 25 to explain the government's flood prevention and rehabilitation plans to Japanese investors.
Meanwhile, Foreign Minister Surapong Tovichakchaikul told an Apec forum that Thailand would get back on its feet from the floods as soon as possible.
Speaking at the Asia-Pacific Business Symposium organised by the East-West Centre, Mr Surapong told the audience the economy would bounce back soon with renewed dynamism given its fundamental strength.
The cabinet had recently approved a relief and recovery plan and package for flood victims.
It was also determined to help investors in flood-hit areas to resume operations as soon as possible.
A budget of about $10 billion has been earmarked for post-flood restoration.
Of that amount, $2 billion will be allocated to big businesses and $5.5 billion to small and medium-sized enterprises, small vendors and individuals.
Mr Surapong said the real economic impact from the flooding was the disruption to the global supply chain, especially in the automobile and computer industries.
Analysts believe these industries could experience a slowdown well into next year.
Despite the crisis, Thailand will strive to be a responsible regional and global player, Mr Surapong said. The country will strengthen its ability to prevent the economic fallout from the flood from hurting the international community.
At meeting with his Philippine counterpart, Mr Surapong agreed the fifth Joint Commission on Bilateral Cooperation, to be held next year in the Philippines, would include a discussion on disaster management among a wide range of topics including trade, investment, energy, education, agriculture and drug controls.
Meanwhile, Thailand and Chile said they hoped that by next year they would be able to finalise free trade agreement talks that began last year to celebrate 50 years of diplomatic relations.
Mr Surapong thanked his Chilean counterpart Alfredo Charme for Chile's donation of $25,000 to the Thai Red Cross to help flood victims.
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