MADB to disburse K5 bln monsoon crop loans for over 6,000 farmers in Myeik District

The Myanma Agricultural Development Bank (MADB) (Myeik branch) of the Ministry of Planning, Finance and Industry is implementing to provide K5 billion worth of agricultural loans for the monsoon rice crop season in order to cover 6,122 farmers in five townships in Myeik District. The MADB Myeik branch will disburse a total of 6,122 farmers (36,671 acres) monsoon crop loans, paying out K150,000 per acre.

The growers can take out loans for a maximum of ten acres. The interest is set at 5 per cent like the rate of the previous years. The respective township branch will pay out the loan. The loans will cover 3,141 farmers in Myeik Township, 1,194 in Kyunsu Township, 1,651 in Taninthayi Township, 42 in Bokpyin Township, and 94 in Kawthoung Township.

Those farmers who have already paid off the previous loan will be prioritized in the loan application process. The MADB Myeik branch has provided K34.2 million worth of loans to the farmers with 228 acres so far. MADB provides annual agricultural loans to small-scale farmers, intending to have food self-sufficiency and export competitiveness for Myanmar’s agricultural products in order to boost exports, promote the interests of the farmers and enhance their socio-economy. 

Source: The Global New Light of Myanmar

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