Myanmar's micro-credit plan requires up to $3bn

Myanmar's micro-credit plan requires up to $3bn

Published on Sunday, 07 July 2013 18:50

International Co-Operative Day held in Nay Pyi Taw on July 6 ( Photo-EMG)

Myanmar will need from US$6 million to US$3 billion to set up micro-credit programs in 60,000 villages across the country, Cooperatives Minister said on the International Cooperative Day.

Myanmar organized a ceremony to celebrate the International Cooperative Day in capital Nay Pyi Taw on July 6. Union ministers, deputy ministers and representatives from the United Nations Development Program, and Food and Agricultural Organizations.

"We are trying to be able to provide loans for the people in over 60,000 villages by the end of 2015. This will require 600 billion kyats ($3m) to 30,000 billion kyats ($3bn)," Kyaw San, Minister for Cooperatives, said at the ceremony.

"We are seeking to raise that amount of capital internally. However, as it is not sufficient, we will also need international cooperation," he said.

Based on the micro-credit programs in rural areas, Myanmar cooperatives will upgrade agricultural and farming businesses, value-added manufacturing and service businesses, the minister noted.

He also called for the private sectors to cooperate with foreign partners in improving their agricultural methods and promoting the whole commodity supply chain.

Source: http://www.news.myanmaronlinecentre.com/2013/07/08/myanmars-micro-credit-plan-requires-up-to-3bn/