Up to K70 million each will be loaned to an individual farmer, said Deputy Minister U Maung Maung Win of the Ministry of Planning and Finance at the 25th meeting of the agriculture and rural development two-step loan project steering committee held on 1 March.
A K70 million loan is issued for the two-step loan project for agriculture and rural development. The project started in July 2017 and up to K70 million was lent as a low-interest loan to each farmer, with a short-term three-year and long-term five-year instalment repayment system.
Until the end of November 2022, it is reported that K23,2045.818 million have already been lent to 5,609 farmers from 187 townships in 14 regions/states and Nay Pyi Taw Council Area.
Submissions by farmers who want to get loans are being scrutinized. The proper operation of the project will improve farmers' income and support the development of the agricultural sector, he added.
The deputy minister also urged companies that sell agricultural equipment in the loan program in accordance with the terms and conditions. — TWA/CT
