Yangon-based Proximity Finance has signed a USD 3.28 million back-to-back funding agreement with Yoma Bank to support micro-lending for smallholder farmers, according to an article in Dealstreet Asia. “This back-to-back structure of funding will allow more investors into Myanmar in hard currency while allowing MFIs [micro-finance institutions] to repay in local currency,” Proximity Finance chief executive Hedvig Sundberg said in a statement, adding that the deal should “continue to be an example for other local banks”. The article said that the financing will go towards offering low-interest loans to more than 12,000 families. Proximity Finance is reportedly one of the largest MFIs in Myanmar. The organization claims to have more than 100,000 customers and a portfolio of over USD 20 million.
Upcoming Events
- No events
- all events
Highlights
Terminals, ports, logistics, liner operations disrupted
German containerline Hapag Lloyd has announced a decision to temporarily suspend cargo bookings into Myanmar …Facebook, Instagram ban military and related pages with immediate effect
In a February 24th update to its February 11th statement, Facebook through its Director of …Luxury Japanese real-estate complex called out for funding military
Despite distancing itself from other major Western states imposing sanctions on military-linked individuals and entities, …
Myanmar in the Media
- Southeast Asian defense chiefs talk regional security with US, China, othersSource: Voice of America East AsiaNovember 21, 202410 hours ago
- World’s conflict zones increased by two-thirds in past three years, report revealsSource: GuardianNovember 21, 202418 hours ago
- Myanmar photojournalist goes free after two years of imprisonment, tortureSource: Voice of America East AsiaNovember 21, 20241 day ago
- Fearful after arrest, Cambodian reporter who exposed scam centers quits mediaSource: Voice of America East AsiaNovember 20, 20241 day ago
Thura NewsViews
Myanmar’s most widely read newsletter on the country’s politics, economy and businesses brought to you by Thura Swiss