Established in 1966, Bank for Agriculture and Agricultural Cooperatives (BAAC) as a state enterprise under the jurisdiction of the Ministry of Finance. The BAAC's mission was to extend credit more widely, directly to individual farmers as well as through farmer institutions. BAAC aims to become the Premier Rural Development Bank in the Asia-Pacific Region by concentrating mainly on the uplift of the people’s life quality coupled with the promotion for sustainable consumption of natural resources and environmental supervision.