MICRO, Small and Medium Entrepreneurs can get access to loans at State-owned Myanma Economic Bank (MEB), Myanma Agricultural Development Bank (MADB) and 16 private banks, the MSME Development Fund Management Body notified on 14 February.
MSME entrepreneurs from Nay Pyi Taw, regions and states can apply for MSME loans through the respective MSME agencies to expand businesses, and purchase equipment and raw materials.
The State put K170 billion in the MSME Development Fund and K150 billion of that will be disbursed for MSMEs. In line with the State Administration Council’s economic objectives, state-owned banks (Myanma Economic Bank and Myanma Agricultural Development Bank) and 15 private banks held a signing ceremony of participating agreement with participating financial institutions (PFI) regarding loan disbursement on 3 October in MEB (headquarter) in Nay Pyi Taw, in which K150 billion loans will be disbursed at a cheaper interest rate through PFIs.
The managing director of the Myanma Economic Bank and PFI’s representatives signed the participation agreements in the presence of the chairperson and vice-chairpersons of the fund management task force. Officials of the State owned banks and representatives of the private banks elaborated on loan term regulation, loan proposals, documents and loan procedures, and they responded to questions raised by attendees during the signing event. — NN/KK
