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Thailand’s capital market, led by The Stock Exchange of Thailand (SET), is gearing up to assist flood victims through “Thai Stock Market Flood Relief Fund,” aiming to restore the livelihoods, especially immediate needs, of flood victims.
“We agree to rapidly provide relief to people suffering from Thailand’s flooding in order to complement the government’s efforts. Because there are a large number of victims suffering from this natural disaster, while business sector and public utilities hit by the floods have already received assistance from the government and financial institutions,” said SET Chairman Sompol Kiatphaibool.
“Because the flood crisis hasn’t yet resolved, quick and broad relief is needed. So, the fund will firstly consider immediate needs of victims for their survivals. We will also provide restoration afterwards. There are now two working groups, which are considering and screening projects for flood victims and management working group. We will set up further working groups if needed,” Sompol added.
The fund will operate with effectiveness, transparency and prudence. It will have clear criteria and processes to evaluate which projects will be accepted to comply with the fund’s objective.
Currently, the fund has raised about THB 400 million (approx. USD 13 million) from capital market organizations, and expect to shortly achieve its goal of THB 500 million.
Thai Stock Market Flood Relief Fund is a result of a joint meeting on October 20, joining with the Association of Investment Management Companies (AIMC), Association of Securities Companies (ASCO), Capital Market Academy, Federation of Thai Capital Market Organizations, mai-listed Companies Association (maiA), Thai Listed Companies Association (TLCA), The Thai Bond Market Association, and SET.
