Over 300 shops destroyed by Mingalar Zay blaze receive government loans

THE Department of Markets of the Yangon City Development Committee (YCDC) has made it known that over three hundred shops, destroyed by fire which engulfed the fourth floor of the Mingalar Zay market in Yangon’s Mingalar Taung Nyunt township, have been issued with loans.
As part of a YCDC initiative, loans began to be given out to shopkeepers on 11 February. By yesterday a total of 301 shops had received loans worth K1 billion, it is known.
“All [remaining] loans will be given out by 31 March. So far more than K1 billion has been received by 301 shops.” said U Kyaw Myint, head of the YCDC’s Department of Markets for Yangon’s southern district.
A total of 648 shops registered to receive loans out of 1,636 which suffered from outbreak of fire. However, only 318 shops will actually receive them, with 301 shops having been issued with loans so far. The remaining 17 shops will receives their loans before the month is out, it is known.
“Many of the shops [which registered to receive loans] mentioned that they no longer required them. A total of just 318 shops will receive loans. Since the number of shops to receive loans has decreased we can offer each remaining shop a loan of over K3.1 million.” added U Kyaw Myint.
Shopkeeper U Tin Myint says that he is having to struggle by himself to re-establish his business after his shop was destroyed by the Mingalar Zay blaze.
“I’ve decided against taking the loan as it will incur an annual interest of ten percent. I’m having to survive on my own finances to restart my business.” he said.
Those shops located within Mingalar Zay which escaped being engulfed by flames number 3,186 and have been temporarily relocated to nearby Shwe Mingalar and Mingalar Mun markets, according to the YCDC.—Myitmakha News Agency

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