U.S. gives Thailand US$30m

U.S. gives Thailand US$30m

BANGKOK (AP): The U.S. plans to offer a US$30 million aid program over three years to spur economic recovery in Thailand by supporting small businesses and public health.

U.S. Ambassador Richard Hecklinger and Deputy Foreign Minister Sukhumbhand Paribatra signed an agreement Wednesday for the grant from the U.S. Agency for International Development.

"The program will help form partnerships between private and government institutions of Thailand and the U.S. to promote Thailand's economic recovery and growth," Hecklinger said at the signing.

It is part of a three-year regional initiative called "Accelerating Economic Recovery in Asia," which began this year in Indonesia and the Philippines.

The Thai program will also provide training for Thai banks - which are swamped in bad loans - on credit management and debt workouts, a statement from the institute said.