Minister calls on CHIDB to become a leading bank

Minister calls on CHIDB to become a leading bank
Published 17 December 2018

Construction, Housing and Infrastructure Development Bank should make efforts to become a leading bank for infrastructural development and the implementation of the housing monetary system essential for the people, said Han Zaw, Minister for Construction, at the 5th annual meeting of the Construction, Housing and Infrastructure Development Bank (CHIDB) held at Rose Garden Hotel in Yangon on December 16.

With the aim of establishing an effective financial management system that ensures the house ownership of citizens, the construction ministry set up the CHIDB in May 2013, in cooperation with local entrepreneurs. In January, 2014, the CHIDB started providing its services.

During five years, the CHIDB opened 11 branches. Urban and Housing Development Bank plans to open at least one branch in regions and states where the construction projects to be implemented by the Region/State government and private investors are located. After the core banking system, the plan is under way to shift to the digital banking system rather than relying on bank branches, he said.

The CHIDB grants construction loans and housing mortgage loan. In order to help solve financial difficulties for the people’s housing needs, the CHIDB starts introducing the housing savings deposit account which helps the people in getting into the habit of saving.  

With the aim of providing financial assistance for development of social infrastructure and the development of infrastructure such as electricity, roads and bridges, the Construction and Housing Development Bank (CHDB) was changed into the Construction, Housing and Infrastructure Development Bank (CHIDB) On June 17, 2018.