Photo by jmurawski
Rebuilding plans in Japan are slowly moving forward and farmers in the disaster stricken areas are expected to see a little bit of relief for their construction costs. According to Japan Times, the Norinchukin Bank has created a ¥1 trillion fun to help farmers, fishermen and forestry in the north-eastern part of the country.
Over the next four years agriculture cooperatives will be able to apply for low-interest rate loans from the bank. Earlier in April, Norinchukin started offering interest-free loans worth ¥300 billion in efforts to support the agriculture sector. By providing the extra funds, they are hoping business will be able to stay in business and avoid going into bankruptcy, which could have a domino effect on the larger economy.
The agricultural industry has received a major blow in the last two months. Not only did the earthquake and tsunami devastate important infrastructure but the following nuclear crisis has raised concerns about the country’s food supply and could impact its exports. [JT]