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Myanmar banks to loan SMEs for development

Xinhua, August 15, 2016 Adjust font size:

The State-run Myanmar Economic Bank and six other private banks will provide a loan of 30 billion kyats (about 30 million U.S. dollars) to small and medium enterprises (SME) in the country, aimed at the further development of such enterprises, official media reported Monday.

Under the credit guarantee insurance (CGI) system, the loan will be given, the Ministry of Industry was quoted as saying.

The loan, set for five years, is prescribed to be acquired over a range of between 15 million kyats and 500 million kyats at an interest rate of 8.5 percent.

A forum on prospects of SMEs was held in Yangon Sunday.

The CGI system is jointly implemented by the state-run Myanmar Insurance, Japan's Sumittomo Mitsui Banking Corporation and private-run Cooperatives Bank.

Meanwhile, Small and Medium Industrial Development Bank announced last month that 300 SMEs had outstanding repayment for the 2015-16 fiscal year.

According to statistics, 90 percent of Myanmar industrial businesses are SMEs. Endit