Yangon—Ministry of Planning, Finance and Industry will grant up to Ks-600 billion of Covid-19 Special Loan for 12 million acres of land with an interest rate of five per cent.
The ministry plans to grant an additional loan of Ks 50,000 per acre to farmers in addition to the regular agricultural loan for the monsoon season.
Both the farmers who have got agricultural loans and the farmers who have got loans for crops will be entitled to the COVID-19 special loan.
The repayment period for the special loan will be same as that of the current agricultural loans.
Starting 15 May, Myanma Agricultural Development Bank (MADB) under the Ministry of Planning, Finance and Industry is granting agricultural loans to farmers.
The ministry will grant COVID-19 special loans to farmers within four months between June and September.
In 2018-2019 FY, the MADB granted agricultural loans of Ks-1,684 billion. In 2019-2020 FY, the MADB will grant agricultural loans of Ks-1,747 billion to farmers.
The government increased agricultural loans from Ks-100,000 to Ks-150,000 per acre in 2016-2017 FY and loans for other crops from Ks-50,000 to Ks-100,000 per acre in the current fiscal year, said Union Minister for Planning, Finance and Industry U Soe Win.
