Myanmar to provide loans to MSME entrepreneurs at low interest rates-Xinhua

Myanmar to provide loans to MSME entrepreneurs at low interest rates

Source: Xinhua

Editor: huaxia

2024-04-01 17:17:30

YANGON, April 1 (Xinhua) -- Myanmar's government is working to provide loans to micro, small, and medium enterprises (MSMEs) at low interest rates through the MSME development fund, according to the Department of Micro, Small and Medium Enterprises Development under the Ministry of Industry on Monday.

The loans will be given to businesses engaged in value-added manufacturing, those capable of increasing the country's export earnings, using locally sourced raw materials, creating job opportunities, producing goods instead of importing, saving energy, focusing on environmental conservation and wastewater management, and promoting public health.

Micro businesses can get loans up to 10 million kyats (about 4,761 U.S. dollars), small businesses up to 50 million kyats (about 23,809 dollars), and medium-sized businesses up to 100 million kyats (about 47,619 dollars).

Entrepreneurs can achieve their goals with the help of these loans, an official from the department said, adding that MSME entrepreneurs who need loans can apply by submitting their applications to branch offices of the MSME development agency.