October 19, 2017

Loans for agro-livestock, SMEs and construction

Officials of Ministry of Planning and Finance clarifies loans for agro-livestock, SME and construction at the Ministry of Planning and Finance in Nay Pyi Taw on 21 September 2017. Photo: MNA

Loans for the agro-livestock, SME and construction sectors was announced yesterday at the Ministry of Planning and Finance in Nay Pyi Taw yesterday.
U Maung Maung Win, Deputy Minister for Planning and Finance said the distribution of loans has been ongoing and will continue.
“The State has targeted to disburse agricultural loans of Ks1,700 billion in FY 2016-2017, by Myanmar Agricultural Development Bank (MADB), in the agro-livestock sector. Out of this, Ks1,630 billion had already been disbursed. In the present financial year, MADB had given out Ks1313 billion out of the targeted amount — Ks1980 billion up to 15 September. Moreover, plans for disbursing mid-term loans to farmers are under arrangement. Myanmar Economic Bank had already disbursed K 30 billion to SMEs at the interest rate of 8.5 percentage through the Small and Medium Industrial Development Bank (SMIDB) in the FY 2015-2016 and FY 2016-2017, under the JICA Loan Programme. Mid-term loans ranging from 3 to 5 years amounting to Ks57 billion were disbursed in a two-step loan through six private banks, after taking long-term loans with low interest rates from JICA. At the second step, the matter of disbursing Ks180 billion was under discussion with JICA.”
Deputy Minister added that loans are being targeted for use in the building of housing.
“The MEB is disbursing loans for estates and construction for the acquisition of public ownership of dwelling abodes. The MEB has lent Ks142 billion to construction entrepreneurs. The State has given Ks100 billion as financial support to the construction sector through the Ministry of Construction as the sub-circulation fund. And the MEB disbursed Ks30 billion at an interest rate of 8.25 through the Construction and Housing Development Bank. Another Ks30 billion will be disbursed. Arrangements are being made for the acquisition of long-term loans with low interest rates from JICA for the development of the construction sector. The MEB is making arrangements to disburse Ks200 billion for the agro-livestock sector, Ks250 billion for SMEs, Ks50 billion for the construction sector, and Ks200 billion for the MEB loan sector according to respective years, Ks700 billion altogether.”
Afterward, U Kyaw Ngwe, permanent secretary of Ministry of Agriculture, Livestock Breeding and Irrigation, U Ko Ko Lwin, permanent secretary of the Ministry of Construction, U Win Zaw, CEO of Construction and Housing Development Bank, Daw Tin Tin Yi, general manager of MEB and U Min Thu, managing director of Myanmar Agricultural Development Bank clarified the policies to abide by in acquiring the loans according to the respective sectors and replied to the questions raised by the news media.

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