History and Vision

    In order to improve agricultural finance systems, the government held a ‘National Conference of Agricultural Finance’ on 30^th November 2002. In this conference, consensus was reached on five issues which are ‘to enrich the Agricultural Credit Guarantee Fund and adopt unified management for credit departments of Farmers’ and Fishermen’s Associations by the Council of Agriculture (COA)’, ‘to establish Agricultural Bank of Taiwan which would act as the governing bank for credit departments of farmers’ and fishermens’ associations’, ‘to implement uniform supervision in agricultural finance’, ‘to establish the Agricultural Finance Act’ and ‘to increase the competitiveness of agricultural finance’.

    The Agricultural Finance Act was officially implemented on 30^th January 2004. The Bureau of Agricultural Finance (BOAF), COA, Executive Yuan was established on the same day. The BOAF was responsible for supervising agricultural finance institutions, planning and promoting policy-oriented special agricultural loans, assisting in the establishment of the Agricultural Bank of Taiwan, and building up a complete agricultural financial system.

     In line with the reorganization of the Ministry of Agriculture, the President promulgated the "Organization Act of the Agricultural Finance Agency of the Ministry of Agriculture" on 31^st May, 2023, and the BOAF is restructured into the "Agricultural Finance Agency of the Ministry of Agriculture" (hereinafter referred to as the Agricultural Finance Agency) from August 1, 2023, with three divisions and four offices responsible for agricultural finance and agricultural insurance businesses.

     Agricultural Finance Agency upholds its mission of "providing warmth in the cold winter and umbrellas in the rainy days" to support agricultural development through financial means. Our goal is to create a resilient agricultural financial system, and we’ve committed to doing more for Taiwan's agricultural development, with the goal of establishing sustainable agriculture. The important policy directions in the future are as follows:

1. Promoting policy-oriented special agricultural loans to provide sufficient funds for agricultural developments:

The agency will continue to provide low-interest loans for agriculture, ensuring the stability and development of agricultural finance. We will continue to improve the policy-oriented special agricultural loans to assist in agricultural transformation and upgrading, providing funds required for various new types of agricultural production. Leveraging financial efficiency and catering to farmers' and fishermen’s needs, we aim to support agricultural industry and create new possibilities for sustainable agricultural development.

2. Strengthening agricultural insurance to stabilize farmers' income:

In response to climate change and farmers' needs, agricultural insurance coverage will be expanded, and the coverage rate will be increased to mitigate risks for farmers, stabilize their income, and enhance agricultural resilience. The aim is to promote agricultural transformation and upgrading, increase agricultural competitiveness, and ensure the well-being and prosperity of farmers and rural communities, creating a new vision for the nation's agriculture.

3. Establishing a sound agricultural financial system to revitalize the rural economy:

Aligning with financial supervision trends, the Agricultural Finance Agency will enhance the competitiveness and service quality of agricultural financial institutions through supervision and guidance, and regulatory relaxation. The agency's four main supervisory objectives are to ensure the sound operation of agricultural financial institutions, protect depositors' rights, promote rural economic development, and provide financial support for agricultural operations.