MADB to provide K1.3 bln loans for 13,191 acres of winter paddy cultivation in Mohnyin

Myanmar Agricultural Development Bank in Mohnyin Township, Kachin State is providing K100,000 per acre to 116 local winter crop growers at 10:30 am on 20 November.
The three village banks from the township are providing the winter crop loans for 697 acres of farmlands. When MADB provided the loans to the local farmers, the bank issued the loans through the three village banks to prevent the people from being crowded to be under the Ministry of Health and Sports instructions.
The MADB from Mohnyin township targeted to provide the winter crop loans by the end of December. There are about 15 village banks in Mohnyin township, and a total of 1,872 local farmers will grow winter crops this year. The bank targeted to provide K1.3 billion loans for 13,191 acres of farmland.
Last year, the 14 village banks provided K1.13 billion to 1,757 farmers for 11,346 acres of farmlands in the cold season, said U Aung Soe, Mohnyin Bank Manager from MADB.
The local farmers can apply for winter crops with Form 7 as mortgage to the bank. The interest rate of the monsoon crops is five per cent per annual, and the farmers will repay the loans on 15 September 2021, according to the announcement of the Ministry of Planning, Finance and Industry. —Kyaw Kyaw Htway (IPRD) (Translated by Hay Mar)

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