MADB supports 46 farmers with K3,116.65 mln loans in this financial year

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The photo shows a farmer preparing to transplant monsoon paddy saplings last year.

A total of K3,116.65 million has been disbursed to 46 farmers in 17 townships of seven regions and states during this financial year, the Deputy Minister for Planning and Finance said in a meeting of the agriculture and rural development two-step loan project steering committee held on 1 February.

The Deputy Minister also highlighted the ministry’s directives to the headquarters and regional offices of the Myanmar Agricultural Development Bank (MADB) to collaborate with relevant agencies and state/regional governments to ensure the success of projects, as well as to conduct ongoing evaluation and monitoring of the loans. The companies that are selling farming equipment in the loan programmes are also directed to abide by the guidelines.

For the short term of three years and the long term of five years, individual farmers have received low-interest loans up to K70 million. With the availability of a five-year repayment by installments plan, a total of 5,703 farmers in 187 townships from 14 regions and states, including Nay Pyi Taw Union Territory, has received loans totalling K238,425.178 million. — TWA/MKKS/TH

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