Yoma Bank Signs a Funding Agreement with VisionFund Myanmar
The Funding to Support the Continued Growth of Microfinance Business in 12 Regions
Aug 17, 2018
Yangon, Myanmar – August 17, 2018 – Yoma Bank and VisionFund Myanmar (VFM) signed a funding agreement of MMK 7B, equivalent (Circa USD 4.9M) on August 13. This funding agreement offers and services additional loans to VFM’s clients in rural areas, and especially benefits Myanmar’s agricultural sector. VFM works on supporting small local business owners to start or develop their businesses with affordable credits and operates in 48 branches in 12 regions throughout the country.
Yoma Bank is one of Myanmar’s largest banks with over 3,000 staff members and 75 branches nationwide. This eighth MFI funding agreement reflects how Yoma Bank is committed to the sustainable development of Myanmar. The Advisor to the Chairman and CEO of Yoma Bank, Mr. Hal Bosher said, “We are pleased to support VisionFunds’ work in Myanmar. The social impact of Yoma Bank’s funding through VisionFund is particularly welcome as they support low income families. Equally, we are proud that VisionFund has chosen Yoma Bank as a partner as we share an emphasis on good governance and a long term commitment to Myanmar.”
VisionFund Myanmar is a subsidiary of VisionFund International (VFI) - both affiliated with World Vision. VFM has been offering microfinance and other financial services in Myanmar since 1998, currently serving over 180,000 clients and offering support to small businesses, with the aim of empowering families to create income and jobs and unlocking economic potential for communities to thrive.
“This marks an important milestone for VisionFund since this signals for us the beginning of unlocking domestic sources of funds to support our mission on poverty alleviation. We look forward to a productive relationship with Yoma Bank.” said Rommel Caringal, CEO of VisionFund Myanmar.