MADB Mandalay to loan K1,800 mln for farmers to purchase agri equipment this FY

A total of K1,800 million will be earmarked and lent to farmers in 23 townships in Mandalay Region this financial year, through a JICA (Two-Step Loan) to purchase and use agricultural equipment, said U Soe Ko Ko Win, Manager of the Myanma Agricultural Development Bank Branch in Mandalay Region.
For local farmers to transition from manual farming to mechanized farming, officials have provided agricultural machinery and large tractors in cooperation with the Myanma Agricultural Development Bank and JICA. Various types of farming machines and other agricultural equipment will be loaned out to the farmers to buy and use them according to the type of machine they need.
“The farmers in the region are being supported from one side so that they can transform from manual farming system to mechanized farming system that they have been working on for generations,” U Soe Ko Ko Win said.
“In this way, the life of the farmers will be developed and the standard will be raised.
“Officials are lending with a low-interest rate with the instalment system for at most five years and at least three years. A maximum of K70 million per farmer is allowed.
“We are providing services for farmers so that they can purchase and use the necessary type of machinery that they can use conveniently in their workplace,” he added.
As agricultural equipment can be purchased and used, the farmers will be able to carry out their work in a short period, as well as be able to plant on time during the planting season.
In addition, it is also reported that crop damage and wastage will be reduced, and human resources and labour shortages will also be reduced.
The agricultural equipment will be loaned to the farmers in the townships named Chanayethazan, Amarapura, Madaya, Singu, Thabeikkyin. Singaing, TadaU, Thazi, Myingyan, Natogyi, Kyaukse, Meiktila, Wundwin, Myittha, NyaungU, Taungtha, Patheingyi, Yamethin, Pyawbwe, Kyaukpadaung, Ngazun, PyinOoLwin and Mahlaing. — Maung Aye Chan/GNLM