MT News
Myanma Agricultural Development Bank of the Ministry of Planning and Finance disbursed loans worth Ks-232,045.818 million to 5,609 farmers till the end of November, 2022, Deputy Minister U Maung Maung Win of the Ministry of Planning and Finance said at the 25th meeting of the Agriculture and Rural Development Two-Step Loan Project Steering Committee held on 2 March.
Loans have been disbursed to 5,609 farmers from Nay Pyi Taw and 187 townships in 14 regions and states.
The two-step loan project for agriculture and rural development started since July 2017. Up to Ks-700 million each has been lent as a low-interest loan to an individual farmer with a short-term three-year and long–term five-year installment repayment system, the deputy minister said.
Moreover, submissions by farmers who want to get loans are being scrutinized and loans have been disbursed to them continuously. The project can improve the farmers’ income and support the development of the agricultural sector, he added.
Thus, the deputy minister urged companies that sell agricultural equipment in the loan program to carry out in accordance with terms and regulations.
Present at the meeting were members of steering committee from the Ministry of Planning and Finance, the Ministry of Economic and Commerce, the Ministry of Agriculture, Livestock and Irrigation and the Central Bank of Myanmar.
