The signing of the loan agreements on Friday was in line with an earlier decree that authorised the borrowing, said Pongpanu Svetarundra, the ministry's permanent secretary. It stipulated that the contracts must be signed by June 30.
The government had the legal right to sign loan contracts for its water management projects even though a court has ordered public hearings on the 350-billion-baht programme, says a Finance Ministry official.
Mr Pongpanu signed the contracts to borrow 324.6 billion baht from four banks: the Government Savings Bank, Krung Thai Bank, Bangkok Bank and Kasikornbank.
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