MADB’s ministry relocation aims to improve efficiency
Myanmar Agricultural Development Bank, the only state-owned bank in the agriculture sector, was under the Ministry of Agriculture, Livestock and Irrigation. But from now on, the institution has been relocated to the Ministry of Planning and Finance which will make loan processes more efficient, according to ministry officials. The MADB is extending loans to farmers for agricultural input such as seeds and fertilisers. However, the time required for loan applications and high interest rates have posed difficulties for organisation. The MADB has to borrow capital from the Myanmar Economic Bank before lending out to farmers. The administrative change aims to tackle the issues, MADB managing director U Kyaw Shwe told the Myanmar Times on April 24.
