The Myanmar Agricultural Development Bank (Mandalay Brach) has reported that a monsoon agricultural loan of 83.93 billion kyats was set to be disbursed from May 18 to September this year and that Ks55.78 billion was loaned to the farmers in 23 townships of Mandalay Region.

"The amount of this year's monsoon loan from the Myanmar Agricultural Development Bank (Mandalay Branch) was set Ks83.93 billion. We loaned Ks55.78 billion to farmers through 23 banks until September 29, the last day of the loan disbursement. The loans were provided for 329,515 acres of farmland owned by 837,463 farmers. Up to 85 percent of the loans have been disbursed. In 2022, the monsoon loan amounted to Ks48.25 billion and Ks39.77 billion could be collected. That means 83 percent of the loans could be recovered. After issuing a 2023 monsoon loan, the Myanmar Agricultural Development Bank will continues to provide winter loans. The farmers can contact the relevant banks to repay old debts and receive new loans,” said U Soe Ko Ko Win, manager of MADB (Mandalay Branch).

The crop loans were provided from May 18 to the end of September, which are to be repaid until April 2024, and the interest rate is five percent.