Rakhine State cooperative to expand
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