Yoma Bank and Myanmar CP Livestock (MCPL) signed an innovative loan agreement to facilitate livestock dealers and farmers with working capital

Yangon, Myanmar – September 28, 2018 - Yoma Bank signed an innovative loan agreement with the authorized dealers of Myanmar CP Livestock (MCPL), the leading agro-industry and food business in Myanmar. The purpose of the loan is to facilitate livestock dealers, and farmers with working capital to buy animal feed from Myanmar CP Livestock. Myanmar CP Livestock is currently operating three feed mills, located in Yangon, Taunggyi, and Mandalay, with a total capacity of around 750,000 tons a year.

As one of Myanmar’s largest banks with over 3,000 employees and 75 branches nationwide, Yoma Bank is proud to be supporting local dealers & farmers with this new program.

This Agribusiness Finance Program is Yoma Bank’s new innovative SME financing product, and shares its benefits to all the stakeholders involved. With this program, individual farmers and dealers will have access to the formal financial system to grow their livestock businesses. At the same time, MCPL will be supported to grow their sales on the back of their clients’ increased purchasing power. To apply for this program, applicants are not – as usually requested by Myanmar Banks - required to avail any physical collateral, but instead need to prove a positive track record.

“Yoma Bank is very proud to launch this innovative financial solution, in order to address collateral challenges facing smallholder livestock farmers. Working with MCPL has allowed us, to provide credit using a credit scoring system. Smallholder farmers are supported through our Agribusiness Finance Program. Through this program we renew our commitment to improving financial inclusion, and access to credit for those who are seldomly served by Myanmar’s financial institutions.” said the Advisor to the Chairman and CEO of Yoma Bank, Mr. Hal Bosher.

Yoma Bank’s Agribusiness Finance Program (AFP), is striving to address impediments of the development of the poultry sector. It is doing so by establishing a financing program for the local farmers, and other stakeholders who might currently be excluded from the formal financial system. The product is a result of Yoma Bank’s partnership with the Dutch bank Rabobank. Agri-finance consultant Arnold Tijdens, emphasized the unique opportunity in Myanmar to introduce new financing solutions to the agricultural sector, and the positive ramifications this will have for the country at large.

(Myanmar Business Today: https://www.mmbiztoday.com/articles/yoma-bank-and-myanmar-cp-livestock-introduce-their-joint-innovative-financing-program )

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