The Central Committee for the Supervision of the Fund for the Rehabilitation of Areas Affected by the Mandalay Earthquake announced that low-interest loans will be provided to support recovery efforts in the quake-affected regions.
During its first meeting held in Nay Pyi Taw on July 16, CBM govenor Daw Than Than Swe who is also the chairwoman of the committee stated that a total of 700 billion kyats will be distributed through banks and non-bank financial institutions under a special loan program supported by the state government.
The loans will carry different interest rates depending on the sector: 3% for rebuilding and renovating houses and buildings, 5% for working capital of MSMEs and industrialists, 7% for machinery and investment in large factories, 7% for bridging loans for construction entrepreneurs.
The CBM Govenor emphasized the importance of ensuring proper supervision to minimize the risk of losses when disbursing state funds.
Regional and State Chief Ministers, Ministers, and members of the Fund Supervision Committee also discussed priority sectors and current government support. The Myanmar Banks Association, UMFCCI, and other financial institutions will participate in the loan program in line with national policies and guidelines.
Priority sectors identified for the program include MSMEs, agriculture and livestock, industrial enterprises, hotels and tourism, private hospitals, private schools, and housing reconstruction for civil servants and local residents. The committee aims to provide the loans as quickly as possible to help restore livelihoods and infrastructure in the affected areas.
