BRAC Myanmar and Yoma Bank Signed a Funding Agreement

Yoma Bank and BRAC Myanmar has agreed to provide small loans sized between K 150,000 and K 10 million for one family, according to a release from the two companies.

The plan is a new precedent in lending standards due to the absence of typical collateral in terms of land and buildings, according to the release.

“We believe that our funding will support to Myanmar’s women-owned micro businesses,” said Mr. Hal Bosher, the Advisor to the Chairman and CEO of Yoma Bank.
The Yoma Bank will lend K 2 billion to BRAC to support the small loans for over 4,000 families, according to the release.

The Yoma Bank and BRAC Myanmar have signed a funding agreement on 21st February, 2018. BRAC focuses on women to promote the economic growth of households in both urban and rural areas.

“The partnership between BRAC and Yoma Bank is a timely step in building an inclusive financial sector in Myanmar,” said ATM Tariqual Islam, Myanmar Representative of BRAC Myanmar Microfinance Company Limited.
The loan plan is under the LIFT-Livelihoods and Food Security Trust Fund.

BRAC was founded in Bangladesh in 1972 and currently, there are 11 branches in 11 countries.

The branches are opened in Bago, Mandalay, Naypyitaw and Sagaing and have offered US$ 35 million to the public.

Credit: 7DayDaily
Translated by: iMyanmarHouse.com