A total of K237 billion has been disbursed to over 5,000 farmers as part of a two-step loan to buy tractors and combine harvesters.
For agriculture and rural development, the loan project is overseen by the Myanmar Agricultural Development Bank (MADB) of the Ministry of Planning and Finance.
Since the project’s commencement in July 2017 until September 2023, the bank has provided two-step loans, with favourable interest rates, to 5,685 farmers from 187 townships across the country. These loans aim to facilitate the acquisition of tractors and combine harvesters.
In the current financial year 2023-24, 28 farmers took out loans worth K1.8 billion to buy 23 tractors and five combine harvesters, according to the ministry.
Each farmer can borrow up to K70 million, with repayments available through short-term instalments spanning three years and long-term instalments of five years. — TWA/NT
