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Myanmar Launches Credit Guarantee Insurance Service for SME

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Myanmar Launches Credit Guarantee Insurance Service for SME MYANMAR’SNew OLDEST ENGLISH Light DAILY of Myanmar Volume XXII, Number 69 3rd Waxing of Waso 1376 ME Sunday, 29 June, 2014 INSIDE Myanmar launches credit guarantee insurance Peaceful coexistence service for SME development While making clarifi- is a norm for cation on the credit guar- international antee insurance at the cere- mony, the deputy minister relations: called for involvement of President private banks in microf- inance banking services, U Thein Sein pointing out that it has a huge potential market for banks and financial institu- tions. Currently only Small and Medium Industrial De- velopment Bank (SMIDB) PAGE- 3 is lending to SMEs. Military He disclosed that an conducts agreement is expected to be signed in October on monsoon mass two- and three-step loan plantation projects for SME develop- ment with Japan Interna- tional Cooperation Agency PAGE- 3 (JICA), following a visit UEC collects of Japan’s fact-finding mission next month, say- preliminary ing that a grant of $20 mil- voter lists lion is likely to come for the first phase. PAGE- 3 In Myanmar, licences to operate six types of in- surance services including By Ye Myint Photo shows Myanmar Insurance building where first-ever credits guarantee insurance will go on sale life insurance have so far on Monday for SME sector development in the country.—PHOTO: YE MYINT been issued to 12 firms. YANGON, 28 June— Myanmar launched a SMEs wanting to take up For a loan with collat- follows, while premium for that follows, he said. But, the credit guarantee first-ever credit guaran- loans from financial insti- eral, premium is two kyats a loan without collateral is Myanmar Insurance insurance service will be tee insurance for the de- tutions and banks seeking per 100 kyats for the first set at three kyats for the will reimburse the lenders operated by Myanmar In- velopment of small and risk sharing as well, at dif- year, 1.5 kyats for the sec- first year, two kyats for the for a loss up to 60 per cent surance, a state-owned medium-size enterprises ferent premium rates for ond year and one kyat for second year and one kyat of the loan in the event of a firm founded in 1952. (SMEs) in the country on two types of loans. the third year and years that for the third year and years loan default, he added. NLM Saturday with a press con- ference at its Head Office in Yangon. Future of mobile applications, IP rights The first-ever insur- ance will be piloted in in Myanmar discussed Yangon Region only, and plications and IP rights in stall licenced versions as Myanmar Insurance offers Myanmar. well as the developers to the insurance service at He pointed out the create high-tech applica- its Head Office in Yangon need to change individu- tions. coming Monday, Deputy al moral and ethic for the From an economic Minister for Finance Dr increasing number of de- point of view, the speakers Maung Maung Thein told velopers in the country as gave advice to developers the media at the credit there is no IP right in My- to create business applica- guarantee insurance an- anmar. Most users buy pi- tions, which he said are in nouncement ceremony. rated applications, which high demands. The aim of the new has caused Myanmar de- They also provided insurance service is to ena- velopers to suffer a heavy suggestions to the proprie- ble people who want loans loss in production. Most of tors of mobile sales and ser- from the banks but without them have already given up vices centres to install ap- collateral to have access to their professions. plications after explaining financial assets and lenders The development in to customers the features to reduce risks, said the the ICT sector plays a cru- of the licenced applications deputy minister who is one cial role in building a mod- and pirated applications. of the leaders of the gov- Photo shows the seminar on future of mobile applications and IP rights in Myanmar ern, developed country and U Ye Myat Thu, exec- ernment’s delivery units at UMFCCI office tower in Yangon in progress.—PHOTO: KHAING THANDA LWIN it needs more cooperation utive committee member formed to solve the prob- as soon as possible, said of the government and the of MCF, said ICT organi- lems and drive the imple- By Khaing Thanda Lwin U Min Tayza Nyunt Tin, a public, said U Tun Thura zations should contribute mentation of reforms. legal consultant of Myan- Thet, joint secretary of My- to developers by conduct- According to the dep- YANGON, 28 June— anmar developers so they mar Software Alliance, on anmar Computer Federa- ing training and providing uty finance minister, the The rising culture of pirate need to have an Intellec- Saturday at a seminar here tion-MCF. financial support. insurance will be sold to application is killing My- tual Property Law enacted on the future of mobile ap- He urged users to in- NLM 2 Sunday, 29 June, 2014 New Light of Myanmar GALLERY Five Principles of Peaceful Coexistence photo President U Thein Sein delivers an address at Conference Marking the 60th Anniversary of the Five Principles of gallery Peaceful Coexistence in Beijing on 28 June.—MNA President U Thein Sein and party pose for documentary photo together with Indian Vice President Mohammad Hamid Ansari and Chinese Premier Li Keqing.—MNA HISTORIC LEGACY: Chinese Prime Minister Zhou Enlai (second left) meets with Myanmar President Ba U (second right) in Yangon, Myanmar, on 28 June, 1954 (Xinhua) New Light of Myanmar Sunday, 29 June, 2014 3 NATIONAL BEIJING, 28 June—My- anmar President U Thein Peaceful coexistence is a norm for international Sein visited the Buddha Tooth Relic Pagoda in Ling- guang Temple in Beijing on relations: President U Thein Sein Saturday, where he donated ered in Beijing on Saturday a variety of offerings, sourc- to attend a conference mark- es said. ing the 60th anniversary of President U Thein Sein the Five Principles of Peace- paid homage to Jade Bud- ful Coexistence, media re- dha Image, a Buddha statue ported. donated by Myanmar and The conference took housed at the temple, and place at the Great Hall of the received a Buddha statue People in Beijing. presented by the Chairman In 1954, Chinese Pre- Sayadaw of the Buddha mier Zhou Enlai’s visits to Tooth Relic Pagoda. Myanmar and India gave The president handed birth to the five principles of over a case for the Buddha peaceful coexistence, which Tooth Relic to be placed cover mutual respect for in and bronze plaques in- sovereignty and territorial scribed in Myanmar and integrity, mutual non-ag- Chinese listing various gression, non-interference in kinds of jewels donated by each other’s internal affairs, Myanmar citizens when the equality and mutual benefit, Buddha Tooth Relic was and peaceful coexistence. brought to Myanmar for Speaking at the con- President U Thein Sein holds talks with Chinese Premier Li Keqiang at the Great Hall of the People public obeisance. ference, President U Thein in Beijing.—MNA Reports said the Bud- Sein over 60 years after the lations,” the president said, U Thein Sein stressed My- logue partners. nese Premier Li Keqiang at dha Tooth Relic from China Second World War, coun- adding that the ideas em- anmar, China and India Indian Vice President the Great Hall of the People has been brought to My- tries in Asia, Africa and bedded in them are found share a common border, Mohammad Hamid Ansari in Beijing and discussed anmar four times in 1955, Latin America thirsted for to be included in the United which is miles long, and and Chinese President Xi prospects for establishment 1994, 1996 and 2011. a new order of international Nations Charter as well as that they have been good Jinping also addressed the of Bangladesh-India-Myan- President also visit- relations that respects sover- in other international decla- neighbours for hundreds of conference. China and India mar-China economic corri- ed Temple of Heaven in eignty and territorial integ- rations. years, citing the principles signed an agreement in New dor, cooperation in energy, Chongwen District, which rity and shapes equality and Myanmar’s independ- of peaceful coexistence. Delhi on 28 June 1954 to Kyaukpyu special economic was built in Ming Dynasty. mutual benefit. ent, active, non-aligned for- The president ex- adhere to the five principles zone and deep sea port de- Chinese President Xi “Leaders from newly eign policy is based on the pressed his firm belief that of peaceful coexistence, and velopment, promotion of Jinping, Myanmar Presi- independent states initi- five principles of peaceful Myanmar, as the ASEAN China and Myanmar on 29 cooperation in economic dent U Thein Sein, Indian ated the five principles of coexistence, the president chair, would be able to bring June in Yangon. sector between Myanmar Vice President Mohammad peaceful coexistence, which noted. Regarding the friend- about security and solidarity In the afternoon the and China and promotion of Hamid Ansari and Chinese have now been accepted as ly relations with neighbour- between ASEAN countries same day, President U Thein investment in Myanmar. Premier Li Keqiang gath- a norm for international re- ing countries, President and China and India as dia- Sein accepted a call by Chi- MNA Military conducts monsoon Union ministers meet locals in N. Shan State NAY PYI TAW, 28 Nowadays, the govern- gains development in trade plantation ceremony June—Not only the govern- ment accelerates its Third sector thanks to cooperation ment but all organizations Wave plan in reform pro- between the people and the NAY PYI TAW, 28 June— are to participate in devel- cess, said Union Minister U government.
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