MADB disburses agricultural loan to farmers

MADB disburses agricultural loan to farmers
Published 28 May 2020

Yangon—Myanma Agricultural Development Bank (MADB) is disbursing agricultural loans to farmers after taking a two-step loan of Ks200 billion from the Japan International Cooperation Agency (JICA), according to the Ministry of Planning, Finance and Industry.

The MADB disburses a loan of Ks 14.85 billion to the agro and livestock-based businesses after taking a loan of Ks 200 from Myanma Economic Bank (MEB).

U Soe Win, Union Minister for Planning, Finance and Industry said: “In 2018-2019 fiscal year, the MADB disbursed an agricultural loan of Ks 1,684 billion to farmers. In 2019-2020 fiscal year, the MADB will disburse an agricultural loan of Ks 1,747 billion to farmers. The ministry increased the agricultural loan for paddy from Ks 100,000 to Ks 150,000 per acre. In addition, the loans for other crops are increased from Ks 50,000 to Ks 100,000 per acre during this fiscal year.”

The government increased the agricultural loan for paddy from Ks100,000 to Ks 150,000 in 2016-17 FY, for other crops, from Ks 20,000 to Ks 50,000 in 2017-18 FY and from Ks 50,000 to Ks 100,000 in 2018-19 FY.

The MADB has notified the farmers to relevant bank branches to submit their loan proposals in time.

Myanmar’s annual paddy growing area is about 17.9 million acres and the annual paddy production, about 25.6 million tons.