MADB to provide additional monsoon agricultural loans to farmers

The Myanmar Agriculture Development Bank (MADB) has announced that additional monsoon agricultural loans will be provided to farmers who have already paid off the principal plus interest on the previous agricultural loans.
Only farmers who have already settled the previous loans will be eligible to apply for new agricultural loans and will be allowed to take out other short- and medium-term loans provided by the MADB as per the specified terms and conditions.
Last year, the bank granted K150,000 in agricultural loans per acre for monsoon paddy and K100,000 for other crops, with a five per cent annual interest rate.
The loans can be withdrawn at relevant district or township bank branches with the same interest rate as last year. The MADB has notified the farmers who have repaid previous loans to contact the respective district or township bank branches as soon as possible. — TWA/CT

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