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
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.