Loan programme for farmers with more than 10 acres of farmland to begin next week

Farmer paddy field
A farmer works in a paddy field at Dala Township in Yangon. Photo by Xinhua

The loan programme which will be provided for farmers who own above 10 acres of farmland is going to start in next week, said Myanmar Rice Federation chairman U Ye Min Aung.

For the development of paddy plantation and production, farmers have been allowed to apply for loans since December last year and applications for about 60,000 acres of farmland have been received at the end of January this year, he said. Of these applications, MRF will start lending in some regions, including Yangon Region before 15 February, he added.

“There are about 60000 acres that have applied for loan last week. Of these, we will lend in some regions which we can start in next week. It is expected to implement in upper Myanmar- Nay Pyi Taw Council and Mandalay later. And we have planned to start this loan programme in Ayeyarwady Region, Bago Region and Yangon Region before 15 February,” said U Ye Min Aung.

Depending on the number of acres owned by each person, the amount of agricultural loan is set K400,000 an acre, he said.

“There is government agricultural loan plan for farmers. Connecting with private banks, we have a plan to offer agricultural loans for farmers. It is a plan to lend K400,000 per acre, no matter how many acres they have owned, for example if a farmer owns 15 or 20 acres, we will lend,” he said.

This is short-term loan programme that MRF has planned to implement in cooperation with private banks and will be provided for a total of 100,000 acres.

MT/ZS

 

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