Loan disbursement: 8 billion kyats of loan granted to cooperative societies

The Cooperative Department has granted 8 billion kyats of the National Economic Promotion Fund to those engaged in agriculture, livestock and MSME sectors within Rakhine State.  

Currently, a total of 742.5 million kyats of loan disbursement are underway for the members of cooperative societies; more than 268 million kyats for the agricultural sector, more than 446 million kyats for the livestock sector, and over 26 million kyats for the MSME sector.

Plans are being undertaken to provide the remaining funds for cattle breeding of the livestock sector affected by Cyclone Mocha in previous months.

Director, Cooperative Department (Rakhine State ), Zaw Min Htun said "The Rakhine Cooperative Department has disbursed loans for the 1,214 members from 31 cooperatives who engaged in agriculture, livestock and MSME industries. Focusing on agriculture and livestock sectors, 18 agricultural cooperative associations have been provided more than 268 million kyats for seeds, pesticides and fertilizers as well as more than 446 million kyats for the livestock sector. On the other hand, 2 cooperative associations for the small scale industries have been provided with over 26 million kyats of loan."

Loans issued by the National Economic Promotion Fund started in March 2023. The loan period for agriculture and small-scale industries is 1 year, cattle breeding for 3 years and pig breeding for 1 year.

The Ministry of Cooperatives and Rural Development is providing loans to the cooperative society members. Through loan grant program, it can support the development of MSME industries, agriculture and livestock.