THE Ministry of Planning and Finance stated that about K253 billion from the Agriculture and Rural Development Two-Step Loan Project has been disbursed to farmers to support the improvement of productivity with agricultural mechanization.
Myanma Agricultural Development Bank under the Ministry of Planning and Finance held the 32nd meeting of the Steering Committee on Implementing Agriculture and Rural Development Two-Step Loan Project on 11 January 2025 at the Union Minister’s office.
Deputy Minister U Min Htut of the Ministry of Planning and Finance, who also acts as the chair of the committee, addressed the two-step loan payment of money from a fund to farmers.
This two-step loan project started in July 2017. This low-interest loan aims for farmers to buy the necessary agricultural machines under a three-year short-term and five-year long-term instalment repayment scheme.
More than K247 billion were paid out to 5,816 farmers from 187 townships of 14 regions, states and Nay Pyi Taw Union Territory as of 31 December 2024. The deputy minister added that 61 farmers from 19 townships from four regions and states received over K5.48 billion in loans in the 2024-2025 financial year.
Deputy Minister U Min Htut instructed the officials concerned to provide new loan schemes for farmers, increase loan amounts and ensure the smooth operation of loans to increase the income of farmers and help boost agricultural development. He asked the Myanma Agricultural Development Bank (head office) and bank branches to conduct evaluation and monitoring processes, continuously manage loan repayment, and coordinate with regional and state governments and departments concerned. Agricultural machinery companies that participated in the loan scheme are also encouraged to follow rules and regulations. — NN/KK
