SLCM ltd partners with Yoma Bank for collateral financing
Through this initiative, SLCM would extend financial solutions support to farmers, processors, traders, agriculture exchanges, exporters and importers across Myanmar.
This association would change the dynamics of finance & lending sector for Agriculture & other commodities in the country.
The bank will offer farmers to pledge 60% of their commodities, stored at SLCM’s warehouses, for a certain period at an interest rate of 13% p.a. SLCM is the first warehousing company from India to provide the same scientific and financial support to agri economies of developing nations in ASEAN.
On the occasion, Sandeep Sabharwal – Group CEO, SLCM said, “We have replicated our best practices & expertise in agriculture warehousing domain in this Golden Land of Myanmar. I am gratified by the support of YOMA BANK for the collateral management services, as it will facilitate the entire business fraternity. This association will certainly redefine the Agri-Financing & Logistics space in the country.”
At the signing ceremony Daw Aye Aye Soe, Executive Director - Yoma bank said, “We are arranging to provide pledge loan against commodities such as Machines, Commercial Goods & Agri Commodities to our SME’s to get competitive price. The move will dissolve the legacy practice of mortgaging assets to generate funds and will provide financial stability to farmers and all others related to agri and commodity sectors in Myanmar.”
The official signing ceremony was held at UMFCCI in Jan 16.
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