World Bank Invests in Myanmar’s Financial Inclusion, $100M in Credit
The World Bank established the Financial Sector Development Project to support Myanmar’s SMEs — the latest sign of progress in the country’s economy. The five-year project includes $100 million in credit, which will be used to allow SMEs increased access to financial services. The project will focus on the country’s microfinance and insurance sectors. The step by the multilateral organization adds to the continuance of Myanmar’s economic modernization since its political openingbegan a few years ago.
Fintech Ranking reported that Deputy Minister for Planning and Finance U Maung Maung Win said;
“The project will help increase access to finance for households and small and medium-sized enterprises by reforming state-owned banks, strengthening the financial sector’s legal and regulatory frameworks and modernizing the financial sector infrastructure. These reforms are expected to extend the range of basic financial products and services to underserved areas and populations.”