As a larger part of growth plans, the Yangon Region government is seeking to develop of micro, small and medium enterprises (MSME), said Yangon Region Chief Minister U Phyo Min Thein.
Out of 100 selected companies, which was chosen based on their growth potential and business type, the regional government is currently working with 60 companies through the MSME development project to ensure that they will qualify for bank loans whereas 40 have qualified.
U Phyo Min Thein says goal now is to help, especially home-based businesses, set up financial reports and business plans so they can easily achieve loans, adding that the regional government is now about to select another 100 MSMEs.
According to government statistics, of all businesses, more than 98 percent are MSMEs, which do mainly food and beverages, construction materials, clothing, and personal goods; over 70,000 companies registered, with only 2000 bank loans qualifiers.
Source: The Myanmar Times
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