THE signing ceremony of the participation agreement between the loan task force (Myanma Economic Bank) under the Micro, Small and Medium Enterprises Development Fund loan support programme from the Ministry of Planning and Finance and the Myanmar Tourism Bank Limited was held, according to the MTB.

It was held at the May Thazin Hall, Myanma Economic Bank (Headquarters) in Nay Pyi Taw Union Territory, and U Win Naing Oo, Managing Director, on behalf of the MSME Business Development loan task force. CEO U Win Lwin, on behalf of the Myanmar Tourism Bank Limited, signed the agreement. U Khin Maung Nyunt, general manager of the credit task force and U Kyaw Thura Win, chief loan officer of the Myanmar Tourism Bank Limited, as witnesses signed the agreement.

The purpose of signing this agreement is to establish an MSME development fund in order to support funds to MSMEs, to transfer funds to banks and financial institutions under the deposit system, and to give out loans at low interest rates to MSME businesspersons, pursuant to the Micro, Small and Medium Enterprises Development Law (2015).

As per the assignment of the MSME Development Fund, the loan task force will manage the loans to be extended through PFI banks on behalf of the MSME Development Fund Management Group. Myanmar Tourism Bank Ltd has been selected as a PFI bank, and thus, it was followed up by signing a participation agreement with the loan task force. — MT/ZN