Rakhine State co­op­er­a­tive to ex­pand

The Myanmar Times - - News -

Aim­ing to re­duce poverty, the Rakhine State Co­op­er­a­tives De­part­ment has pledged to ex­tend small-scale loans to more town­ships this year.

The gov­ern­ment-backed mi­cro­fi­nance scheme lends money to any­one with a na­tional iden­tity card, house­hold list and rec­om­men­da­tion let­ter from the ward ad­min­is­tra­tion of­fi­cer. The loans vary in size from K30,000 to K100,000 with a 2.5 per­cent in­ter­est rate, said U Hla Thar Tun, chair of the co­op­er­a­tive.

“Right now we are run­ning the small-sized loan en­ter­prise in only four town­ship: Sit­twe, Pon­nagyun, Kyauk­taw and Mrauk-U,” he said. “I be­lieve that the poverty of the lo­cal res­i­dents will be re­duced by ex­pand­ing the small-sized en­ter­prise.”

The state co­op­er­a­tive was launched in 2002 with 50 mem­bers. It cur­rently has over 4000 mem­bers and has loaned K1.7 bil­lion to 50 busi­nesses. – Yee Ywal Myint, trans­la­tion by San Layy

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