December 21
Myanmar Rice Federation (MRF) will provide a short-term loan of K400,000 per acre to enhance rice production.
The farmers who own more than 10 acres of farmland are entitled to apply for this loan, according to the MRF’s statement released on 20 December.
The MRF has been coordinating with authorized dealers (private banks) for the loan scheme to reap a fruitful result.
Farmers must provide farmland permits (Form 7) as collateral. The loan tenure is around four to five months with an annual interest rate of ten per cent. The farmers can take out loans for up to 100 acres. The loan application will be forwarded to the relevant banks after the MRF’s scrutiny.
Those farmers holding more than 10 acres can apply for a loan through [email protected] and Viber Phone: 09 400067240 of the MRF.
On 14 December 2023, the coordination meeting regarding cultivation loan (K400,000 per acre) for the summer paddy season was held virtually and attended by managing directors of the Myanma Economic Bank and Myanma Agricultural Development Bank, officials of Myanmar Rice Federation and representatives of KBZ Bank, A Bank, AYA Bank, Yoma Bank and UAB Bank.
This loan scheme is projected to cover Ayeyawady, Bago, Yangon and Mandalay regions and Nay Pyi Taw. The meeting highlighted how to initiate this scheme up to 100,000 acres as a pilot project. — NN/EM
