Myanmar Political Party Uses Microfinance Small Business Loans to Boost Its Election Chances
Wednesday, August 10, 2016
With the 2020 elections in mind, a political party thwarted by its lack of returns last November plans to make headway with a new microfinance scheme.
The United Democratic Party set up Myanmar Kyaw Investment Group in June with a promise to help fund businesspeople. The catch? Those hoping for an investment must be willing to be involved in the party as secretaries and recruiters. The new investment group began advertising its K5 billion fund in state-run media in June, pledging to support up to 60 small or medium enterprise businesses.
The investment group made no pretences about its aim – to strengthen the party for the 2020 election. The advertisement listed the ability to socialise and an interest in charity as among the necessary attributes for applicants seeking funding, in addition to a desire to join the political party.
The financial help is intended for businesspeople who are interested in the prosperity of the country, and also the party, according to U Khin Maung Kyi, from Myanmar Kyaw Investment Group.