Home MMBIZ News Singapore, Vietnam to Provide $50m Loans to Myanmar SMEs

Singapore, Vietnam to Provide $50m Loans to Myanmar SMEs

Myanmar will receive $50 million in loans from Vietnam and Singapore, to be distributed to Small and Medium Enterprises (SMEs) by the Small and Medium Industrial Development Bank, authorities said.

Starting in April 2015, the Small and Medium Industrial Development Bank will dish out $30 million from Vietnam and $20 million from Singapore at 4 percent interest rate.

This is a major increase from the approximately  $20 million provided in loans by the bank this past year.

Separately, Germany-based Friedrich Naumann Foundation (FNF) is planning a SME development plan, based on capacity building, workshops, study tours, and lectures.

SMEs form the vast majority of licensed businesses in Myanmar, comprising more than 120,000 businesses across the country, according to Ministry of Industry statistics.

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