Over 60 SMEs in Yangon recommended for loans

THE SMEs Development Agency has issued recommendation letters to 63 potential small and medium-sized enterprises in Yangon, to help them obtain loans to expand their businesses during the third-year of the Yangon Region government.

Regarding the loans, U Myint Thaung, Yangon Region Minister of Planning and Finance, said, “Under the guidelines of the Chief Minister, the Yangon Region government is working towards the availability of loans for developing SMEs. According to a survey, there are some 40,000 SMEs throughout the region. Firstly, we shortlisted over 100 SMEs, which have the greatest potentials to grow their businesses. Of these, the agency issued recommendation letters to 63 SMEs, as it was found that some enterprises had previously received loans. Further arrangements are being made to support the availability of loans for the recommended SMEs.”

A total of 102 SMEs, out of the selected 115 enterprises, showed their interest in obtaining loans through township general administration departments during the field visit to their firms. After interviews with the SMEs’ operators, only 63 enterprises were chosen to receive recommendations from the agency. As part of its efforts to develop the SMEs, the Yangon Region government is seeking to obtain overseas loans, such as the two-step loans, U Myint Thaung added.

In addition, the regional government formed 29 SME clusters and opened 16 state-owned training schools, plus 119 private training centers and 27 handicraft training centers in Yangon.

By Nyein Nyein

(Translated by Khaing Thanda Lwin)

Photo: PHOE KHWAR

Ref; The Global New Light of Myanmar