Myanmar's bank provides agricultural loans for monsoon season

Myanmar Agricultural Development Bank. - Photo: Bloomberg via Getty Images File

YANGON: To support the agricultural sector's development, Myanmar Agricultural Development Bank provides annual loans to farmers at affordable interest rates, according to the state-run Myanmar Radio and Television on Friday (June 21).

The distribution of loans for the 2024 monsoon cultivation season began on May 20 and will continue until the end of September, the report said.

Farmers receive 150,000 kyats (US$71.42) per acre for monsoon paddy and 100,000 kyats (US$47.61) per acre for other crops, with a maximum loan of 10 acres per person, it added.

Additionally, the bank and the Japan International Cooperation Agency (JICA) have collaborated to provide agriculture and rural development loans, assisting farmers in purchasing various agricultural machinery.

For the fiscal year 2024-25, the collaboration aims to lend over 30 billion kyats (US$14.28mil) to help farmers purchase agricultural machinery.

By providing loans for agricultural machinery and agricultural loans, the government aims to boost the development of Myanmar's agricultural sector, thus benefiting farmers' livelihoods. - Xinhua/ANN

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