The Myanma Agriculture Development Bank (MADB) made an announcement on 14 June stating that it will offer loans of up to K70 million to individual farmers who require financial support for agricultural and rural development purposes.
The loan amount has been capped at a maximum of K70 million per farmer, with an additional provision that each group of farmers can receive a maximum loan of K500 million. These two-step loans, issued by MADB, come with an annual interest rate of five per cent and are intended to facilitate plantation activities and rural development.
The loans will be disbursed to farmers for the purchase of various types of farming machinery and agricultural equipment, as well as for the construction and maintenance of factories and warehouses.
Repayment terms require farmers to pay back the loan three times over a span of three years for tractors and hand tractors, while for other equipment, repayment is set at five times over a period of five years.
Interested farmers can obtain detailed information regarding the loan terms, conditions, and the necessary guarantee requirements by contacting the nearest Myanma Agriculture Development Banks or regional banks.
Source: The Global New Light of Myanmar