For the tourism industry, Myanmar Tourism Bank extends loan facility

Published on : Wednesday, January 27, 2021

For the tourism industry, Myanmar Tourism Bank extends loan facility. U Soe Win, the Deputy Director, stated that the agreement will allow associations related to tourism that meets the requirements to apply for loans at MTB.

“Loan interest rates will differ depending on what one has to mortgage,” he said.

On the loans however, U Soe Win did not provide any specifics but mentioned that they will only charge the lowest interest rates according to the regulations of the Central Bank.

From the Central Bank, the privately-owned bank obtained a business license back in 2018. It has six branches in the current context, catering to the needs of the tourism sector and SMEs.

The COVID-19 pandemic has massively affected the Myanmar tourism including the restaurants which no longer have tourists or international customers.

“Restaurants are operating just to cover the expenses. Some restaurants only have 50 percent of their customers left,” said U Nay Linn, director of the Myanmar Restaurant Association. In the first and second waves of the pandemic, the authorities called off all dine-in services at eateries and several had shut down.

The tourism sector of Myanmar has witnessed a 75 percent fall in international tourist arrivals last year compared to 2019, as per the Deputy Minister of Hotels and Tourism, U Tin Latt. He stated that in 2020, Myanmar received less than one million tourists, compared to over 4.3 million in 2019 prior to the COVID-19 outbreak.

But, in the fourth quarter of 2021, the country is quite optimist to start receiving visitors once again.

By now, Mandalay has laid out its plans to perk up the tourism sector by setting up new tourist destinations and introducing one-day and ecotourism trips, once the sector restarts its operations.

For the meantime, a community-based tourism plan to connect Nay Pyi Taw to Shan and Kayah states is also in progress, said U Thein Htwe, chair of the Myanmar Tourism Entrepreneurs Association in Nay Pyi Taw.

“We have a plan for Koekwayt first that includes De Lein Li, a hot springs tour, Nant Mon Gyi, Lein Li bridge and Loikaw in Kayah. Other tours will connect Taunggyi and Inle in Shan,” he told the Myanmar Times earlier this month. Also, there have been no-landing sightseeing flights as well as river cruises to boost tourism revenue in recent months.

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