Farmers will have better access to funding under a new Yoma Bank scheme, and can use it to buy much-needed agricultural machinery. The bank announced the launch of its Agribusiness Finance Program (AFP) in Yangon on December 15.

The new program cuts the down payment on a hire purchase agreement from 30 percent to 10pc, and extends the repayment period from one year to three years.

The Livelihoods and Food Security Trust Fund has contributed US$11 million to the financing scheme for farm machinery purchases operated by Yoma Bank. Since the partnership began in January, 2687 lease contracts for farm machinery valued at more than $50 million have been taken up by farmers and rural entrepreneurs, the bank said.

LIFT fund director Andrew Kirkwood said, “The program has already provided $39 million in financing to farmers and small businesses across 10 states and regions.”