Myanmar Agriculture Development Bank (MADB) announced that it has extended the repayment period for the Covid-19 relief loans and 2021 winter crops loans.
The bank said that the extension of the repayment period is to ease the hardship of the farmers amid Covid-19 travel restriction, and disruption in trade flow and good transportation, and to grant new loans for the winter crops.
This is the second extension made by the bank for its loans. The first time, the bank extended the due date for COVID-19 relief loan to December 31, 2021 and the winter crops loans to January 31, 2022.
The bank now extended the repayment period for Covid-19 relief loan to March 2022 this time, and for 2021 winter crops loans to the end of February.
In addition to agricultural loans, the Myanmar Agriculture Development Bank is also providing other loans such as JICA Two-step Loan, MEB Two-step Loan and Covid-19 relief loan.
Since last year, farmers in Myanmar are struggling with high input prices as fertilizer prices increased three fold and decreased credit access.