AGD Bank Ltd signs MMK10 Billion Bilateral Loan Agreement with Maha Agriculture Public Co. Ltd
AGD Bank Ltd, one of the leading financial institutions in Myanmar, announces a signing of a Bilateral Loan Agreement with Maha Agriculture Public Co. Ltd (“Maha”), a licensed Financial Service Provider with a strong rural financial inclusion mission with License No. 0161/2013 regulated by the Financial Regulatory Department (FRD).
Maha Agriculture Public Co. Ltd, a triple bottom line financial service provider, with Myanma Awba Group and IFC as its shareholders, designs financial solutions with a customer centric approach catered for the needs of Myanmar smallholder farmers. Given its rural DNA, Maha is at the forefront of driving its rural financial inclusion mission in Myanmar through its branch network and its fintech-approach.
The signing ceremony was held at AGD Bank Headquarter on August 2019 in Myanmar with the presence of U Htoo Htet Tayza, Managing Director at AGD Bank Ltd, and Mr. Matteo, Marinelli, Chief Executive Officer of Maha, along with prominent officials from both companies.
U Htoo Htet Tayza, Managing Director, AGD Bank Ltd, says “We are delighted to announce the signing of this landmark loan agreement with Maha. AGD Bank’s vision is to provide vitally important banking infrastructure to make a lasting impact on the future of Myanmar development particularly in the agriculture sector. This shows our commitment in lauding the nation building effort via financial inclusion.”
Likewise, Mr. Matteo Marinelli said “smallholder farmers are the overlooked heroes of the Myanmar economy; the agricultural sector accounts for 25% of the country’s GDP and an astounding 70% of its workforce. Our role as a financial service provider is to finance farmers, vendors, and micro-enterprises—the cornerstones of agriculture in Myanmar. With the loan facility from AGD Bank we aim to further tap into the rural sector and provide funding that rural Myanmar has long required, consequently fueling their productivity and income growth as a result. I would like to take this opportunity to express on behalf of Maha and its shareholders our most sincere and grateful thanks to AGD Bank for their trust in us.
The purpose of the bilateral loan agreement is to develop and grow Maha’s agricultural portfolio throughout Maha’s extensive rural network of branches across Myanmar.