Myanmar Agricultural Development Bank will provide loans for eight crops with strong demand from both local and foreign markets

The Myanmar Agricultural Development Bank will provide loans for eight types of crops with strong demand for winter crops from both local and foreign markets. The bank is already providing loans for 14 types of crops, and the additional eight types of kitchen crops will include four types of beans and four others including onions and garlics.

Different types of crops include crops for consumption by humans (kitchen crops), crops for clothing, and crops for feeding animals. Crops can be anything from fruit that is grown on trees and used in commercial food sources to cotton that is grown in fields and used in the production of clothing materials. The bank will start providing the loans between October and December 2019, and borrowers must pay back the loans by September 15, 2020.

Farmers will have to place the farmland ownership certificate as security at the bank, which will provide loan of K150,000 per acre. The bank will also provide dry-season loans to farmers between January and March 2020, and rainy season loans between May and September

2020. The payment must be made during the first four months of 2021. The Myanmar Agricultural Development Bank said farmers need to apply for the loan at the nearest bank branches at the appropriate time. Myanmar earned $3 billion from October 2018 to August 2019. Agricultures is the second largest sector after industrial sectors in terms of the volume of export.

(Myanmar Business Today: https://www.mmbiztoday.com/articles/agricultural-development-bank-provide-loans-eight-crops )

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