The International Fund for Agricultural Development (IFAD) has granted Myanmar a package of low-interest loans totaling US$36 million following a meeting between the IFAD country program manager and President Thein Sein on Thursday in Naypyitaw.
State-run newspaper The New Light of Myanmar reported on Friday that the first phase of the loan package will go towards developing the mechanization of Myanmar's farming system.
Speaking in Finland in March, Thein Sein said that Myanmar must promote the development of its agricultural sector, and called for long- and short-term plans to be implemented to transform conventional farming into mechanized farming across the country, according to a report in China’s Xinhua News Agency.
Last year, agriculture accounted for 43 percent of Myanmar's GDP of $54.1 billion.
IFAD is a UN agency that finances agricultural development projects primarily for food production in developing countries.
