Small and Medium Enterprises (SMEs) will have to pay 3 percent premium as Credit Guarantee Insurance for the first year, 2 percent for the second year and 1 percent for the following years, the Voice Daily reported Deputy Finance Minister Maung Maung Thein as saying.
State-owned Myanmar Insurance Enterprise will introduce Credit Guarantee Insurance for SMEs on an experiment scale for one year effective April 1, before 12 private insurance companies are allowed to do it, Maung Maung Thein said.
There are over 120,000 officially registered SMEs in Myanmar, the daily added. ----
NOTE: Reuters has not verified this story and does not vouch for its accuracy. (Yangon Newsroom; Editing by Sunil Nair)