MADB eases repayment period for farmers

NATIONAL NEWS

Myanma Agricultural Development Bank has announced that it extends the repayment period for agricultural loans for the farmers until 30 September.
The bank granted more than K200 billion in COVID-19 funds to over 5,500 farmers and extended the repayment period to 31 March and now to 30 September.
The loans were granted in 187 townships of Nay Pyi Taw and 14 regions/states. The current repayment period has been extended to 30 September, with the aim of allowing farmers to continue using the COVID-19 loan as agricultural capital to increase their income.
If the farmers can submit their detailed work processes, they can get up to a K70 million loan at low-interest rates. The payment terms are three years for short-term loans and 5 years for long-term loans at a five per cent interest rate. The loans for the farmers are supervised by the Ministry of Planning and Finance and the Department of Rural Development. — TWA/GNLM

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