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Myanma Agricultural Development Bank

The Myanma Agricultural Development Bank (abbreviated MADB) is a government-owned bank specialized in providing financial services to agricultural enterprises in Myanmar (Burma), and is the largest financial institution of its kind in the country.[1][2] The bank is owned and operated by the Ministry of Agriculture and Irrigation (MAI), and has 206 branches nationwide.[2] MADB provides loans to a sizable number of rural households, serving 1.87 million customers in 2012.[1][2] MADB loan products typically cover farmers' short-term working capital needs (e.g., purchase of seeds, fertilizers, and pesticides; payment of salaries for farm workers; and lease of agriculture equipment).[2]

History

MADB was first established as the National Agricultural Bank (နိုင်ငံတော်စိုက်ပျိုးရေးဘဏ်) in June 1953 by the Burmese government to support the development of agriculture, livestock, and rural enterprises in Myanmar.[2] Its immediate predecessor, the Myanma Agricultural Bank, was established in 1976, an offshoot of the Agricultural Finance division of the People's Bank.[3] MAB was renamed in 1990, and was reconstituted in 1997 under the Myanma Agricultural Development Bank Law.[3]

Headquarters

MADB's headquarters have been located on Pansodan Street in downtown Yangon, Myanmar since 1996,[4] occupying a colonial-era landmark that previously housed the Rangoon branch of the National Bank of India.[5] The building was completed in 1930, designed by Thomas Oliphant Foster and Basil Ward; the former architect designed the Myanma Port Authority building.[5] In the 1940s, Grindlays Bank acquired the building.[5] With the Burmese Way to Socialism, the bank was nationalized and converted into People's Bank No. 11 in 1963.[6] From 1970 to 1996, the building housed the National Museum of Myanmar (Yangon).[5]

See also

References

  1. World Bank. Myanmar Agricultural Development Bank : Initial Assessment and Restructuring Options 2014-04-08^
  2. Myanmar Agricultural Development Bank LIFT, retrieved 2020-05-23^
  3. Kōichi Fujita, Fumiharu Mieno, Ikuko Okamoto. The Economic Transition in Myanmar After 1988: Market Economy Versus State Control NUS Press, 2009^
  4. 6th Blue Plaque (Myanma Agricultural Development Bank) – Yangon Heritage Trust retrieved 2020-05-23^
  5. Myanma Agricultural Development Bank – Architectural Guide: Yangon retrieved 2020-05-23^
  6. Myanmar Agricultural Development Bank Lonely Planet, retrieved 2020-05-23^