The government is working to enable local Small and Medium-sized Enterprises (SMEs) to get more financial assistance in accordance with the economic policies, Maung Maung Win, Deputy Minister for Planning and Finance, said at a talk on the financial assistance for the farm and SMEs sectors.
“One of economic policies laid down by the government is to ensure the equitable development of agricultural, livestock breeding and industry sectors and to formulate economic patterns that will equalize the industry sector, for all-round development, food sufficiency and promote the socio-economic status of the people. Another policy is to ensure the stability of monetary system and financial system that will help support the long-term economic development of farmers and businesses,” Maung Maung Win added.
This news was covered in the State-run newspapers issued on October 12.
In late September, Myanma Economic Bank (MEB) disbursed a loan of Ks500 million to each SME with an annual interest rate of 8.5 per cent for five consecutive years.
The MEB will disburse a loan of about Ks 36 billion (which is equivalent to three billion Japanese Yen) to SMEs in regions and states including Nay Pyi Taw Council Area via seven chosen Participating Financial Institutions (PFIs), banks, according to the MEB’s statement in late September.
SMEs such as manufacturing, labour-intensive and retail businesses that meet standards described in Section 2 (a) and (b) of the 2015 Small and Medium Enterprise Development Law, are entitled to the loan disbursement scheme.
