Site icon Global New Light Of Myanmar

Over K7 billion agricultural loan disbursed to farmers in Mandalay

A farmer working at a farm. Photo: Aung Thant Khaing
A farmer working at a farm. Photo: Aung Thant Khaing

BETWEEN April and 17 August, the Myanmar Agriculture Development Bank (Mandalay Branch) has lent over K7 billion in loans to farmers across Mandalay Region to grow monsoon crops, said its manager U Win Myint.
This year, the bank provided a total of K7.3088 billion in loans for over 1 million acres of farmland in 23 townships in Mandalay.
The majority of agricultural loans went to Wundwin Township, which has about 70,000 acres of farmland, followed by Kyaukse Township with 57,600 cares.
The MADB granted nearly K1 billion to farmers in Wundwin Township and over K740 million to those in Kyaukse Township.
The bank granted K150,000 per acre of rice plantation and K20,000 per acre of other crops including beans and pulses, cotton and maize with an interest of under one kyat.
“Growers wish to take out loans for every acre of farmland they own. However, the bank grants agricultural loans no more than 10 acres per farmer under its lending rules,” said U Myint Zaw, a bean grower from Thabeikgyin Township.
Farmers have to return the seasonal agricultural loans no later than 15 April next year. Action will be taken against those who fail to return the loans within the set time frame to the bank under the existing laws and bylaws.
“Farmers wishing to obtain the loan needs to open a saving account at the nearest branches of the MADB,” U Win Myint said.—Aung Thant Khaing

Exit mobile version