Under the directive of the Ministry of Construction, the Department of Human Settlement and Housing Development, Public Works, construction firms and some banking companies together injected the capital into the CHDB.
The bank will provide loans for construction of roads, bridges and housing projects, said Kyaw Win, deputy director general at the administration and technology department of the CHDB.
“We will offer loans for those who don’t own a house to buy one, and for the construction firms to be able to build houses at the lowest profit margin. We will do it transparently according to the banking system. In doing so, it will not be on personal basis. We have the board of directors to make decisions. Individuals will not decide unilaterally,” Kyaw Win told Eleven Media.
“As the first stage, we will open Botahtaung branch in the first week of December. In fact, we should open the headquarters first, but construction work is still unfinished there. So, we will firstly open Botahtaung branch to start circulation of the money,” he said.
Since July, the CHDB had obtained the banking license from the Central Bank in accordance with Myanmar Companies Act and Myanmar Financial Institutions Law.
source: Eleven Myanmar
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