25 January 2018
Denmark Embassy and Myanmar’s Department of SMEs Development joined hands to promote inclusive and sustainable economic growth for Myanmar SMEs entrepreneurs.
They entered into a partnership on Thursday to improve the productivity and competitiveness through Responsible Business Fund (RBF).
Under the RBF, 12.5 billion kyats will be provided to the entrepreneurs who meet at least one of the 7 eligible fields and criteria set by the RBF. Over 500 SMEs will able to access responsible Business fund (RBF) until 2020.
Secretariat, Responsible Business Fund, Amarnath Reddy said "... The first thing we expect is, we would be able to spend 4.5 billion kyats on 500 different SMEs.... “We think that out of this 500 projects, at least, three to four projects will become such good examples of demonstration.... So that, when we withdraw in 2020 or 2021, then most of the SMEs know about these areas and most of this suppliers and service providers who are giving this solutions will be able to use the demonstration to expand the market and raise the level of SMEs in this country..."
90% of businesses in Myanmar are SMEs - Ministry of Industry provides assistance including access to technology, training and loans.
Director General, Department of Small and Medium Enterprises Development, Aye Aye Win said “We want to promote responsible business practices as well as to support more innovative SMEs business. We will raise public awareness on the projects across the country. There are many micro finance institutes running in the country to assist in SMEs sector.”
One of the SMEs entrepreneurs shared her views on the Responsible Business Fund.
RBF Grantee, Mya Mya Thin said “The fund covered up to 80% of my project cost, and unlike loan, we don’t need to repay. I like it. Our factory will able to work with International buyers directly soon.”
Interested SMEs can submit their applications to [email protected] RBF board already approved grant support to 18 SMEs in 2017.