Myanmar Dealbook: China agrees aid of $150m; JICA to issue $25.2m for SME loan

China has agreed to give $150 million aid to Myanmar for to use in sectors like agriculture, education, and cultural affairs. JICA has also agreed to issue loan of $25.2 million for SMEs.

China agrees aid of $150m

China has will be giving Yuan 1billion ($150 million) as an aid to Myanmar.

The agreement between the two countries was signed during the visit of Myanmar State Counsellor, Aung San Suu Kyi, to China from August 17 to 21 to see a more developed economic cooperation between the two countries.

The aid money will be used for the need of the country varying in sectors like agriculture, education, cooperation in cultural affairs and maintenance of the waterways, said Kyaw Htin, deputy minister for the Ministry of Foreign Affairs, the New Light of Myanmar reported.

JICA to issue $25.2m for SME loan

Japan International cooperation agency (JICA) will issue a K30 billion ($25.2 million) loan to Myanmar Economic Bank to support SMEs through loans from six commercial banks, local media reported.

AYA, CB, Myanmar citizens bank, Myanmar Oriental Bank, Kanbawza bank and Small and Medium Industrial Development bank will be offering a loan between K15 million to K500 million with or without collaterals.

Applications can submit to the SME Development Department under the Ministry of Industry by September.

While about 99 percent of the business in the country are SMEs and more than half are not registered, this loan will require interested candidates to register their businesses before getting the five year loan.

 

Also Read: 

Myanmar: US lifts economic sanctions against 3 state-owned banks, 7 enterprises

Myanmar Dealbook: Japan mulls $879m aid; PPA signed for Tamu township

Myanmar Dealbook: Apex bank upgrades tech; Govt think-tank launches with S Korean grant

 

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.