FRIDAY, March 29, 2024
nationthailand

Govt claims credit for microfinance boom

Govt claims credit for microfinance boom

Microfinance loans have reached Ks56 billion (US$56 million) since the lending scheme was allowed by law in 2011, said Maung Maung Thein, deputy minister of finance.

There are 17 foreign and 209 domestic organisations operating in the microfinance sector, he said.
He added that foreign firms were circulating Ks24 billion in microfinance, which was effective at alleviating poverty.
Microfinance began to be recognised in the late 1970s with funding coming from bodies like the United Nations Development Programme and International Finance Corporation or small firms.
Some programmes have prioritised areas in the Ayeyarwady Region damaged by Cyclone Nargis in 2008 while others have targeted education, health, women and families. There are also individual loans for the development of small- and medium-sized enterprises and agribusinesses.
The sector funds families in May ahead of the school year.

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