The JICA has started its loan department at the SMIDB
Through the partnership with SMIDB & MCB, Xpress Money will be able to offer its convenient inbound remittance services to thousands of families of migrants," said the statement.
Sudhesh Giriyan, Vice President and Business Head of Xpress Money, said: "We are very happy to be launching our services in Myanmar, through our tie-up with esteemed financial institutions such as SMIDB and MCB.
Tin Muang Htay, Managing Director of SMIDB Bank said, "Myanmar is a growing economy and SMIDB is committed to making its contribution towards this growth.
In 2013, SMIDB lent US$10 million to 62 SME businesspeople and this year s loan amount has increased to US$20 million.In the meantime, the bank is also looking to borrow US$50 million from Singapore and Vietnam to continue boosting the scale of loans it can give to small firms.
SMIDB intends to borrow US$50 million with an interest rate of 4 per cent in October US$20 million from the Private Financial Institution in Singapore and US$30 million from the Bank for Investment and Development of Vietnam (BIDV).
Above this, SMIDB moreover intends to borrow a two-step loan from the Japan International Cooperation Agency (JICA).
The SMIDB disburses the loan of Ks 100 million to 1 enterprise.
There is widespread news that the JICA will grant loans to the SMIDB and the CB bank for re-disbursement of loans to the SMEs.