A dedicated construction and housing estate bank will be established in a bid to ease the financial challenges faced by construction entrepreneurs in Myanmar, Construction Entrepreneurs Association Chairman U Thar Htay said.
The bank will be launched in the beginning of 2014, he said without giving further details.
“We are finalising the last minute preparations. The bank will be launched within days,” he said.
“Construction entrepreneurs face a lot of problems – there are capital requirements, technical requirements. Unclear policies also compound those problems,” U Thar Htay said.
To address these problems and at the same time maintain the quality of constructions the association has already set up an engineers’ council, he added.
Ko Han Myint, a construction entrepreneur, said: “In other countries, if a businessman has K10 as capital, he can avail K100 from financial institutions. But, here we rely on ourselves for the capital requirement.
“A dedicated construction and housing estate bank will be convenient for the constructors facing monetary problems.”