Myanmar Agricultural Development Bank will loan Ks 50 million to an individual farmer and K500 million to a group of farmer who want to purchase rice mills, oil mills and combined harvesters under a two-step loan plan of Japan International Cooperation Agency (JICA), according to sources from the bank under the Ministry of Planning and Finance.

JICA two-step loans have started since July 2017 for individual farmers and groups of farmers to be able to buy power tillers, combined harvesters, rice mills and oil mills and build or upgrade warehouses and factories.

Loans are set to be a maximum of K50 million for individuals and a maximum of K500 for groups. Loans are being provide after scrutiny.

Until March this year, over K80 billion was loaned to 2,051 farmers from 154 townships.

Loans are to be repaid under a three-year installment plan for small machines such as power tillers and a five-year installment plan for other machines.

Those who want to seek JICA two-step loans have to keep 30 percent of the amount of loan they want to seek at Myanmar Agriculture Development Bank.

Loan seekers may contact their respective township branches of MADB.