YANGON, July 21 (Xinhua) -- Myanmar's Small and Medium Industrial Development Bank (SMIDB) will borrow 30 million U.S. dollars from a bank based in Vietnam in order to provide loan to those engaged in small and medium enterprises (SME) at home, official media reported Thursday.
The interest rate of loan borrowed from the Vietnam bank is 3 to 4 percent per annum, while Myanmar bank offers loan to the entrepreneurs at 8.5 percent, still lower than that of local private banks which is usually 12 percent per annum, an official of the Myanmar bank said .
"We will reduce the interest rate when the interest rate set by Vietnam bank can be cut," another official of the Myanmar SMIDB was quoted as saying.
SMIDB has taken 30 billion kyats' (about 30 million U.S. dollars') loan from the state-owned Myanmar Economic Bank to lend loan to the SME businessmen.
