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April 01, 2020

Over K12 bln of monsoon agri loans disbursed in Shwebo Township

Farmers gather outside the Myanma Agricultural Development Bank (MADB) branch in Shwebo Township.  Photo: Moe Thauk (Shwebo)

The Myanma Agricultural Development Bank (MADB) began distributing monsoon agricultural loans in Shwebo Township from 6 May, and plans to disburse an estimated K12 billion in loans to 15,000 farmers in the township.
The Shwebo Township MADB has allotted over K7 billion in loans to 8,354 farmers in Shwebo Township, and the remaining farmers can avail the loan facility until the end of August.
The Japan International Cooperation Agency (JICA) has lent K5 billion for procurement of agricultural gears for farmers. Moreover, it is offering agri loans of K150,000 per acre for paddy and K100,000 per acre for other crops.
In the 2018 fiscal year, JICA provided loans to 60,000 acres of paddy farms and 17,000 acres of other crops.
In the 2019 FY, it plans to cover over 70,000 acres of paddy fields and 20,000 acres of other crops.
Over K1 billion in monsoon agri loans for 2018 FY remain to be cleared, and 90 per cent of the loans have been recovered, said U Khin Maung Lwin, the manager of the
MADB branch in Shwebo Township. — Moe Thauk (Shwebo)

(Translated by La Wonn)

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