UK commits funding to microfinance in Myanmar

YANGON [ACTED News] - Britain’s Foreign Minister committed 10 million GBP to projects promoting microfinance in Myanmar last week during his visit to Yangon. A new law clarifying regulation of the microfinance sector, as well as ongoing political shifts in the country, may help millions to access small credit. According to the United Nations Office for the Coordination of Humanitarian Affairs (OCHA), only 10% of demand for micro-loans was met in 2011, indicating a broad opportunity for development partners to participate in economic growth. ACTED has been a key player in developing microfinance in South and Central Asia through affiliate OXUS and support to the South Asian Microfinance Network (SAMN). ACTED is currently planning on bringing this expertise to Myanmar, where the organization has been providing humanitarian assistance since 2008.