Myanma Agricultural Development Bank has been distributing over K13 billion in loans to farmers in Sittway for growing rice in rain-fed fields this year

The Myanma Agricultural Development Bank has disbursed more than K13 billion in loans to farmers in Sittway Township for planting rice in rain-fed fields this year.
“Out of the 26 Village-tracts in the township, farmers from 24 Village-tracts have obtained loans at K150,000 per acre so far. Farmers can get loans for up to 10 acres of land,” said U Kyan Gyi, the Manager of the Sittway branch Myanma Agricultural Development Bank.
The bank branch has been disbursing agricultural loans to Sittway rice farmers since 13 May, covering over 1,700 farmers cultivating rice on 9,100 acres of land. The bank had disbursed more than K15 billion to farmers in Sittway last year and has so far recovered 99 per cent of the loans.
Agricultural loans for cultivating rice in rain-fed fields are disbursed no later than September, and farmers who have Land Use Form-7 are eligible to obtain the loans, which are granted at an interest of 8 per cent per annum.
Farmers have been granted loans at an interest rate of 8 per cent. However, those who fail to pay back their loans within the set time frame are required to pay one kyat per month as fine, according to the bank.
Statistics show the Ministry of Agriculture, Livestock, and Irrigation has issued Form-7s to more than 6 million farmers.
Last year, paddy was planted on 7,137 acres of farmland, with the yield topping 5.8 million baskets.—Han Min
(Translated by GNLM)

(The Global New Light of Myanmar: http://www.globalnewlightofmyanmar.com/sittway-farmers-granted-over-k13-bln-in-loans-for-growing-rice-in-rain-fed-fields/ )

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