MADB extends K5 billion loan to Mon State farmers
MADB extends K5 billion loan to Mon State farmers
Myanmar Times, 05 Dec 2017
URL: https://www.mmtimes.com/news/madb-extends-k5-billion-loan-mon-state-farmers.html
State-owned Myanmar Agriculture Development Bank (MADB) will approve a K5 billion loan to farmers in Mon State, according to MADB’s Mawlamyine branch in Mon State.
“More are interested in the loan as the annual interest rate of 8 percent is much lower than other financial organisations,” said U Kyaw Swa Hlaing, Mon State manager at MADB.
Farmers can apply for the loan between now and January 2018. The loans will be given out in proportion to land size and must be repaid by the end of June 2018. Farmers from all 9 townships in Mon State will be able to apply for the loan, with the exception of Yae Township, which does not have many farms.
“Farmers will be able to apply for loans to finance the winter crop season now, which is earlier than last year. In addition, the interest rate is low and the loan amount is appropriate for farmers,” said U Hla Shwe, a farmer from Mudon Township.
In the 2017-18 fiscal year, the MADB approved loans totalling K900 million for Mon State.
“More are interested in the loan as the annual interest rate of 8 percent is much lower than other financial organisations,” said U Kyaw Swa Hlaing, Mon State manager at MADB.
Farmers can apply for the loan between now and January 2018. The loans will be given out in proportion to land size and must be repaid by the end of June 2018. Farmers from all 9 townships in Mon State will be able to apply for the loan, with the exception of Yae Township, which does not have many farms.
“Farmers will be able to apply for loans to finance the winter crop season now, which is earlier than last year. In addition, the interest rate is low and the loan amount is appropriate for farmers,” said U Hla Shwe, a farmer from Mudon Township.
In the 2017-18 fiscal year, the MADB approved loans totalling K900 million for Mon State.