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June 01, 2020

Establishment of Credit Guarantee Corporation (CGC) and Financing for MSMEs Seminar held in Nay Pyi Taw

Union Minister U Soe Win delivers the opening speech at the Seminar on ‘Establishment of Credit Guarantee Corporation (CGC) and Financing for MSMEs’ in Nay Pyi Taw. Photo: MNA
Union Minister U Soe Win delivers the opening speech at the Seminar on ‘Establishment of Credit Guarantee Corporation (CGC) and Financing for MSMEs’ in Nay Pyi Taw. Photo: MNA

Seminar on ‘Establishment of Credit Guarantee Corporation (CGC) and Financing for MSMEs’ was held in Nay Pyi Taw yesterday focusing on SMEs and MSMEs Financing in the areas of government policies, regulation and credit services for SMEs.
It was jointly organized by Ministry of Planning, Finance and Industry and the Bank of Thailand in M Gallery Hotel.
In his opening remark at the seminar, U Soe Win, Union Minister for Planning, Finance and Industry said the seminar will go deep dive for agriculture SME financing policies and credit mechanism of Thai Credit Guarantee Corporation on its credit process, credit allocation, portfolio monitoring and credit risk management.
Myanmar private sector is dominated by micro- small- and- medium enterprises (MSMEs) but their financing gap is large, he said, adding that the inclusive access for finance for MSMEs is essential for the economic development in Myanmar.
The government is implementing the Myanmar Sustainable Development Plan (MSDP) from 2018 to 2030 and its goal -3 under Pillar – 2 aims to support private -sector- led growth by promoting MSMEs’ development and enhancing their financial access.
Understanding the importance of MSMEs to the development of Myanmar’s economy, government is preparing to establish the Credit Guarantee Corporation (CGC) specialized in credit guarantee business. The purpose of this CGC is to provide credit guarantee to the micro- small- and- medium enterprises (MSMEs) including start up SMEs. The mechanism is to share credit risks with the participating financial institutions (PFIs).
Mrs Chantavarn Sucharitakul, Assistant Governor, Bank of Thailand, discusses about the current successful Credit Guarantee Scheme for SMEs, MSMEs and the development of SMEs, MSMEs and establishments of Credit Guarantee Corporation in Thailand.
She disclosed the completed information referred to Thailand Credit Guarantee Corporation (TCGC) experience for the establishment of Credit Guarantee Corporation (CGC) in Myanmar.
The participants from Ministry of Planning, Finance and Industry, Office of the Union Auditor General, Union of Myanmar Federation of Chambers of Commerce and Industry, Myanmar Banks Association, the representatives from private banks and delegates and other invited guests totally around 100 participants attended this seminar.—MNA

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