Myanma Apex Bank gives loans to almost 700 farmers this harvesting season

A pilot project which provides loans to farmers spearheaded by Myanma Apex Bank (MAB) and Myanmar Rice Federation (MRF) has supported almost 700 farmers for this harvesting season to date, according to the MRF.

U Ye Min Aung, MRF secretary, said that the MAB has provided medium-term loans to farms in agriculture, livestock and fishery sectors since June 2015. For this harvesting season, the MAB has offered a total of K1.6 billion for 690 farmers.

It gave those loans to the farmers on June 29.

The MAB aims to provide loans to farmers located in Ayeyarwaddy, Bago, Yangon, Rakhine, Mandalay, Sagaing, Kayin and Nay Pyi Taw regions.

“We strongly believe in this project. We find that the farmers are willing to work on their business plans and grow their businesses. We try to promote and guide the farmers on how to apply for the loans,” U Ye Min Aung said. The MAB is the first private bank in the country to provide loans to farmers. It seeks to support the development of the agriculture, livestock and fish industries and provide farmers access to capital and finances. With capital, farmers can scale up their businesses.

He added that the bank had given loans to 200 farmers in 2015 and then the number of beneficiaries increases year on year. The bank lends K400,000 per acre. The loan term is three years. However, the rate is 13pc, compared to Myanmar Agricultural Development Bank’s (MADB’s) rate of 8pc. MADB offers a loan of K150,000 per acre for annual harvesting.

Source: Myanmar Times

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