Myanmar to launch tourism bank

11 May 2015  2041 | World Travel News

YANGON Myanmar Tourism Federation will establish a Myanmar Tourism Development Bank as part of a plan to support the tourism industry.
Eleven Myanmar media reported the federation had made a proposal to establish a new bank that would grant low-interest loans to tourism related companies.
Myanmar Tourism Bank managing director, Thein Tin, was quoted saying: “We have submitted the license application for the bank. It will be approved this month. After that, we hope to establish the bank in June.”
The first bank office will be located at Nay Pyi Taw and then Mandalay and Yangon.
inside no 2The bank director added: “Actions needed to successfully establish the bank, such as forming a public company, investor recruitment, selling of shares, organising and participating in tourism-related events, have all been pre-approved by the government.”
Myanmar Tourism Federation deputy chairperson, U Khin Maung Yin, disclosed that more bank branches would be opened based on the amount of available investment capital.
“The tourism development bank’s shares will be owned by hotel and tour operators. We have secured approval from the Central Bank of Myanmar (CBM),” he told Myanmar Business Today.
The federation received authorisation to raise investment capital and sell shares of the bank from CBM late last year. After opening the bank it will provide financial services to the hotel and tourism industry.
Myanmar earned USD926 million from its tourism industry in 2013, and USD1.14 billion in 2014, according to Ministry of Hotels and Tourism Statistics.
In 2014, Myanmar attracted 3.05 million tourists, up 50% from the 2.04 million in 2013.

sourced:ttrweekly.com 

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