Myanmar Agricultural Development Bank (MADB) under the Ministry of Planning and Finance will increase winter crops loans this year in Mandalay.
The bank will provide loans for winter crops beginning from 26 October. Last year, the bank provided agricultural loans of Ks 50,000 per acre and this year the loan amount is increased to Ks 100,000 per acre.
During the incumbent government term the bank increased agriculture loans from Ks 20,000 to Ks 50,000 per acre for the first time. This year, the bank is increasing the loan amount from Ks 50,000 to Ks 100,000 per acre making the second loan increase during the incumbent government term. Agriculture loans were increased to cover the increase in prices of agriculture inputs said MADB (Mandalay Branch) Manager U Su.
Myanmar Agricultural Development Bank (Mandalay branch) is providing winter crops loans totaling Ks 19.6105 billion for local farmers from 14 townships in Mandalay region from 26 October to the end of December.
Borrowers have to putup their farmland ownership
certificate, known as Form 7, as collateral to get loans from the bank. The farmers have to pay back the agricultural loan not later than June 2019. The interest rate for agricultural loan is 8 kyats per 100 kyats.
Min Htet Aung (Mandalay sub- printing house)