Malaysian bank branch provides US$3m loan to microfinance fund

Kuala Lumpur-based Malayan Banking Berhad (Maybank) has signed an agreement with Hayman Capital, a Myanmar microfinance institution (MFI), to provide US$3 million loan for the latter’s operation expansion.

The loan will be for two years and the necessary regulatory approvals from both the Central Bank of Myanmar and the Financial Regulatory Department under the Ministry of Planning and Finance have been obtained.

A total of K4.5 billion will be disbursed to assist Hayman Capital in achieving its growth target of 15,000 new clients in 46 townships located across four regions, and to its new branches in Sagaing Region and Shan State.

“We are fully committed to our financial inclusion mission in uplifting Myanmar’s micro-entrepreneurship and rural socio-economy as a trusted microfinance institution,” said Sultan Marenov, chair of the board of directors of Hayman Capital.

Maybank’s contribution to the MFI is a continuation of a previous revolving loan.

The first tranche of US$1 million from Maybank was received on March 15, 2017, which reached more than 5000 clients in Yangon and Bago regions.

An additional loan of US$900,000 was provided by Maybank in October 2017, assisting more than 35,000 micro-entrepreneurs and low-income businesses of Myanmar.

Source: Myanmar Times

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