Agricultural Loans: MAD Bank Starts Lending Loans All Over Myanmar

Starting from 16th May 2022, Myanma Agricultural Development banks around the country have been providing agricultural loans to farmers with a reasonable interest rate.

Farmer, Yin Nwe said “The interest rate is 5%, and they will fine us 5,000 kyats for 100,000 kyats loan if we do not settle our debt in April. If we settle our debt the sooner, the less interest we will have to pay.”

Some farmers said that the Bank is giving agricultural loans to only the farmers who had already settled their debts from 2020-2021.

Farmer, Ohn Shwe said “Every year, we get agricultural loans on May. We have one year to repay our debts, which means we have to repay in April next year. It is a pleasure for us for the government to give us loans on time for cultivation.”

In Lewe District, it is learnt that there are13,265 farmers who own around 100,000 acres for agriculture.

Manager, MAD Bank, Lewe District, Khine Kyi Thar said “MAD Banks start giving agricultural loans for 2022 on May 16th. In Lewe District, an agricultural loan of 26.4 million kyats was provided to 50 farmers who owe 176 acres in Naung Bo  Village-tract.”

Also in Kyaukme District of Northern Shan State, the MAD branch plans to give an agricultural loan of 1.2 billion kyats to 1,080 farmers who are cultivating paddy and maize in 22 villages.

In Pane Ne Kone village-tract, 33 farmers who own 119 acres of paddy fields and 52 acres of corn fields will be given an agricultural loan of 23 million and 50,000 kyats.

In Nyaung Oo District of Mandalay Region, Kyaukpadaung township MAD branch is giving a loan of 23 million kyats to 51 farmers who are cultivating 174 acres of sesame and 56 acres of green bean. Moreover, over 6.6 billion kyats loan will be provided to about 14,000 farmers from 93 village-tracts in the Region.

MAD Bank also provides agricultural loans of 134.4 million kyats in Mudon township of Mawlamyine District in Mon State, over 4.9 billion kyats in Monywa township in Sagaing Region, and 37.2 million kyats in Sittwe of Rakhine State respectively.