President U Thein Sein of Myanmar reportedly has prioritized the creation of microfinance banks in an effort to increase private investment and alleviate poverty in the country. The announcement was made ahead of the First Myanmar Development Forum, which is scheduled for January 19, 2013. The conference is intended to develop a national development plan for aid groups and foreign investors [1].
As of 2011, the one microfinance institution (MFI) in Myanmar reporting to the US-based nonprofit Microfinance Information Exchange (MIX) held deposits of USD 11.5 million and loans of USD 54.8 million disbursed to approximately 337,000 active borrowers.
By Brendan Millan, Research Associate
Sources and Additional Resources:
[1] devex: “Myanmar eyes microfinance, private sector development”, https://www.devex.com/en/news/myanmar-eyes-microfinance-private-sector/80050
MicroCapital.org story, July 25, 2012, “Myanmar Caps Microloan Interest Rates at 17%, Germany’s Savings Bank Foundation for International Cooperation (SBFIC), Philippine’s CARD Fund Mingalar Myanmar, Myanmar Egress Microfinance Projects”, https://www.microcapital.org/microcapital-brief-myanmar-caps-microloan-interest-rates-at-17-germanys-savings-bank-foundation-for-international-cooperation-sbfic-philippines-card-fund-mingalar-myanmar-myanm/
MicroCapital.org story, November 17, 2011, “Myanmar (Burma) to Spend $333k to Establish Microfinance Programs in Rural Townships”, https://www.microcapital.org/microcapital-brief-myanmar-burma-to-spend-333k-to-establish-microfinance-programs-in-rural-townships/
MicroCapital.org story, July 1, 2011, “Myanmar Plans Microfinance Expansion in Rural Communities”, https://www.microcapital.org/microcapital-brief-myanmar-plans-microfinanc
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