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September 16, 2019

Yangon Region gov’t grants Ks2.2 billion loans to 98 SMEs in FY2016-17

YANGON Region government granted more than Ks2.2 billion loans to 98 entrepreneurs operating small-and-medium-sized enterprises (SMEs) in the commercial city in the 2016-2017 fiscal year.
This is part of the plan to develop SMEs across Yangon. Under the existing rules and regulations, the regional authorities provided financial aid to those businesspersons in the fields of food production, manufacturing, trading and services and other kinds of businesses, said Daw Nila Kyaw, regional minister for Electricity, Industry and Transportation. The city authorities offered loans obtained from the Japanese government to the target audiences through domestic banks including Myanmar Apex Bank, Ayeyawady Bank, Cooperative Bank, Myanmar Citizens Bank, Kanbawza Bank and Small and Medium Industrial Development Bank.
The CB Bank gave loans worth Ks262.5 million to 15 entrepreneurs by using Credit Guarantee Insurance system, while three SME operators received Ks145 million development loans from Kanbawza Bank.
According to a survey, over 90 per cent of firms operating in the country are small-and-medium sized enterprises. In Yangon, there are 1,470 small-scale firms and 186 medium-scale firms across the city. The regional government continues to provide not only financial assistance but technical support to the local firms, in collaboration with international bodies. In the 2014-2015 FY, the authorities granted Ks2 billion in loans funded by the Union government to 36 SMEs in Yangon Region.

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