ASGB’s commitment to support financial inclusion for farmers and development of Myanmar’s agriculture sector

Myanmar is known as the golden land not only because of golden temples and shrines but also the abundance of golden paddy fields. During the harvesting months in Myanmar, you can see the beautiful scenery of yellowish paddy fields gleaming under the blue sky. In Myanmar, a country which is abundant in rice grains, the majority of population is running the agricultural business and contributing significantly to the Myanmar’s total gross domestic product (GDP) in years. Approximately 70% of the population in Myanmar resides in rural areas and agriculture is their main livelihood (the World Bank 2018).

Intriguingly, Myanmar was once the largest exporter of rice in Asia. Pulses, beans, sesame, groundnuts, sugarcane and lumber are the main crop productions of Myanmar. The more the country depends on agriculture as a crucial economic sector, the more farmers play a vital role in country’s economy. Due to the current economic and political situations, however, farmers are facing the challenges of higher cost especially for fertilizers and hence investing less in inputs.

Taking the challenges and opportunities of the agriculture sector into consideration, we are launching a new loan product, Agriculture Loan, with the aim to support the development of Myanmar’s agricultural sector and improve the socio-economic status of farmers living in rural areas by financing working capital or capex requirements. We offer a flexible loan product (up to 12 months) that is tailored to clients ‘needs based on crop seasons, crop types and land size. The loan will be repaid with the lump-sum payment of the principal at the end of the loan term, allowing a time until the crop is harvested and sold.

We hope that Agriculture Loan supports the development of Myanmar’s agriculture sector and contributes to the food supply and security for people in Myanmar.

Wishing toward a better future with ASGB!

About ASG Bancorp Microfinance Limited

ASG Bancorp Microfinance Limited (ASGB), as part of the Asia Sustainability Group, was founded in 2016, provide individuals and entrepreneurs in Myanmar with useful and affordable financial services that meet their needs in the way they need and when they need. Our vision is to become the most efficient and innovative microfinance institution in Myanmar and provide the best service, most flexibility and most client-orientated financial services.

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