Myanmar Rice Federation (MRF) suggested a new agricultural loan scheme to farmers who own more than 10 acres of land to the government

Myanmar Rice Federation has submitted a loan scheme for farmers who own more than 10 acres of land to the government as Myanmar Agricultural Development Bank grants loans only to farmers who have less than 10 acres of land.

The new agricultural loan scheme contains the systematic preparation for loan-taking of farmers by putting Form-7 up as collateral and the rapid availability of loans by farmers for loans like JICA’s long-term loan.

Farmers are rural SMEs. They are in urgent need of aid as they are creating jobs for landless farm workers in the rural areas. The MRF has suggested that the government should give the priority to them.

In the past, the government granted an agricultural loan of Ks 100,000 each to farmers. Since taking office in April and May, the incumbent government has increased the agricultural loan to Ks 150,000.

The MRF also gives the suggestions on the reform of Myanmar Agricultural Development Bank and the disbursement of JICA’s two-step loan to farmers as quickly as possible. The government will grant a SME loan of over Ks 65 billion to eight projects in the rice sector including the production of paddy seeds and the construction of paddy husk-fired power plant during the period from 2018 to 2020.

(Eleven Media Group: http://www.elevenmyanmar.com/business/13642 )

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