KBZ Bank offers loans to female cultivators in Magwe
KBZ Bank offers loans to female cultivators in Magwe
Myanmar Times, 23 Feb 2018
URL: https://www.mmtimes.com/news/kbz-bank-offers-loans-female-cultivators-magwe.html
Female agricultural producers will now be eligible for loans from KBZ Bank. KBZ Bank and NGO ActionAid announced on February 15 that they are launching a new partnership which will improve access to finance for female farmers and traders.
Women agricultural producers in Pakokku, Magwe Region, will now to able to apply for loans from KBZ Bank. The project will be piloted over 12 months, with the NGO providing collateral to underwrite the credit, and is expected to help the women unlock their entrepreneurial potential and support their families.
An individual borrower can receive from K1 to K1.5 million worth of loans. The loan will follow an annual payment system with an annual interest rate of 13pc, which will be paid every three months.
“Paying once every three months is required because of the banking policy. However, if the loan cannot be paid back every three months because of bad weather or late harvest, we have made arrangements so that it can be paid back after one year and the total interest is calculated,” the banker explained.
Women agricultural producers in Pakokku, Magwe Region, will now to able to apply for loans from KBZ Bank. The project will be piloted over 12 months, with the NGO providing collateral to underwrite the credit, and is expected to help the women unlock their entrepreneurial potential and support their families.
An individual borrower can receive from K1 to K1.5 million worth of loans. The loan will follow an annual payment system with an annual interest rate of 13pc, which will be paid every three months.
“Paying once every three months is required because of the banking policy. However, if the loan cannot be paid back every three months because of bad weather or late harvest, we have made arrangements so that it can be paid back after one year and the total interest is calculated,” the banker explained.