The Pyidaungsu Hluttaw has approved the borrowing of 1.4 billion baht from Thailand’s Neighbouring Countries Economic Development Cooperation Agency (NEDA) to supply more electricity in Yangon Region. With this loan, the Ministry of Electricity and Energy will make sure that Yangon’s power distribution system is improved and the frequency of power shortages reduced, said deputy […]
Survey finds 37% of families can’t afford health emergency
March 19, 2019 by
More than 35 percent of Myanmar households are not ready to shell out K200,000 (US$130) for emergency health care, according to Asia Foundation’s City Life Survey 2018. The foundation conducted the survey of 2414 people in 228 wards of Yangon, Mandalay, Monywa, Taunggyi and Mawlamyine cities from September to October 2018. It said that up […]
With ‘on-the-go’ loans and tech, social firm boosts Myanmar farmers
February 18, 2019 by
A social venture in Myanmar is boosting farm outputs with customized technologies and giving loans for seasonal migration to raise incomes in one of the world’s poorest countries. Proximity Designs, which was set up in 2004 in the country’s commercial hub Yangon, focuses on farming, on which more than two-thirds of the population relies to […]
Boat Builder Floats New Business to Tap Island Tourism Boom
January 9, 2019 by
With tourism booming in southern Myanmar, residents of Myeik in Tannitharyi Region are finding ways to benefit by filling niches in the industry. Ko Thein Zaw Min, managing director of Mergui Dolphins, one of 40 tour companies in the area, has found a way to do this by opening a boat-making workshop. The number of […]
Plans to Accept $79M French Loan Shelved
December 20, 2018 by
NAYPYITAW—The Union Parliament on Thursday voted down the government’s proposal to receive loans worth 70 million euros ($79.3 million) from the French Development Agency (AFD). Just 34 votes were in favor of the proposal and 497 against, with six abstentions despite the deputy minister for planning and finance attempting to convince lawmakers that the project […]
Foreign banks allowed to set foreign currency loan interest rate
December 11, 2018 by
The Central Bank of Myanmar (CBM) said foreign banks are free to set their own interest rate as long as those loans are in foreign currencies. Foreign banks with branches in the country are now allowed to do wholesale banking services and other financial services, according to the latest Directive issued by the CBM last […]
Mother Finance set to transform credit access in Myanmar
November 15, 2018 by
Access to credit will no longer be a problem for Myanmar people thanks to an innovative consumer lending application which allows anyone with a smartphone to easily apply for a loan regardless of their financial records, according to Theta Aye, founder and chief executive of Mother Finance Co. “Our goal is to serve unbanked customers […]
Myanmar accepts loan from Italy as foreign debt rises
August 21, 2018 by
Pyidaungsu Hluttaw has approved a €30 million interest-free loan from Italy which will be used to provide electricity to villages in Chin State and other rural areas in Myanmar. Under its agreement with Italy, Myanmar will begin repaying the loan over a period of 10 years starting 2036. The repayment amount will be €3 million […]
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