Loans to help farmers with crops to be increased
Loans to help farmers with crops to be increased
Myanmar Times, 23 Oct 2018
URL: https://www.mmtimes.com/news/loans-help-farmers-crops-be-increased.html
The state-owned Myanmar Agriculture Development Bank (MADB) is increasing the amount in crop loans it provides to farmers to help them cover the cost of production from K50,000 per acre to K100,000 per acre, the Ministry of Planning and Finance (MOPF) said in a statement yesterday.
MADB provides loans for crops such as rice, various kinds of beans, cotton, and corn to help farmers cover some of the costs to grow crops for the harvesting season.
In 2016, the bank increased the loans it provided to rice farmers from K100,000 per acre to K150,000 Last year, loans for other crops were raised to K50,000 per acre from K20,000.
“The government has a long-term goal to help farmers and agri-businesses to develop with improved financing and we are now doing more than in the past to provide financial support to the agriculture sector,” MOPF Deputy Minister U Maung Maung Win said at a talk about financing support for the agriculture sector and small- and medium-sized enterprises earlier this month.
According to the bank, it released K1.600 trillion in loans to farmers from 2015 to 2016. This increased to K1.7 trillion last year.
So far this year, the bank has provided loans totaling K1.3 trillion to some two million farmers. Loans are provided to farmers according to the growing seasons in the country.
MADB provides loans for crops such as rice, various kinds of beans, cotton, and corn to help farmers cover some of the costs to grow crops for the harvesting season.
In 2016, the bank increased the loans it provided to rice farmers from K100,000 per acre to K150,000 Last year, loans for other crops were raised to K50,000 per acre from K20,000.
“The government has a long-term goal to help farmers and agri-businesses to develop with improved financing and we are now doing more than in the past to provide financial support to the agriculture sector,” MOPF Deputy Minister U Maung Maung Win said at a talk about financing support for the agriculture sector and small- and medium-sized enterprises earlier this month.
According to the bank, it released K1.600 trillion in loans to farmers from 2015 to 2016. This increased to K1.7 trillion last year.
So far this year, the bank has provided loans totaling K1.3 trillion to some two million farmers. Loans are provided to farmers according to the growing seasons in the country.