Disbursement rules for MSME loan clarified

The Ministry of Industry organized a briefing session on loan grant to MSMEs, loan approvals and requirements for loan applications for the regional MSME development agencies in Nay Pyi Taw on 1 September.
Speaking at the event, Deputy Minister for Industry U Yin Maung Nyunt, in his capacity as Chairman of MSME Development Agency, said it has already drafted the financial regulation for fund management, and arrangements are being made to enact it. Only when the ministries concerned, organizations and agencies work together can they achieve the objectives of the country.
Then, MSME Development Fund Management Body Chairman Deputy Minister for Planning and Finance U Maung Maung Win added that the government set up the fund with K170 billion. A total of K150 billion of fund will be used to grant loans to the MSMEs and the remaining K20 billion will be spent on development programmes.
The loans will be disbursed to the prioritized groups that do not take any MSME loans from the State-owned banks and private banks. Moreover, the MSMEs that fully pay back the loans are also eligible for the loans.
He then briefed all on the loan application processes, duty of MSME agencies and the needs to entrepreneurs to pay back the loans within the fixed period.
Then, the relevant officials of agency, fund management body and other departments coordinated the discussion. —MNA/KTZH