Our Myanmar project has gone from strength to strength this year, and we're excited to update you on what's been happening. Demand for loans from ZMF is strong, and the repayment rate remains high (over 90% repayments on time). As loans are repaid, the funds are then able to be loaned out again to new (and repeat!) clients. We've now enabled an incredible 6,271 loans since inception (September 2008), totalling $1.258 million.
We have 1,371 current loans in circulation, and 86% of these are to women.
Thank you to everyone who has generously supported ADC to empower these people to access microfinance and build a better future for themselves.
Last month there was more flooding in Kalaymyo and surrounding areas, where ZMF Bank (our project partner) operates. This involved a few precautionary evacuations and interruption to some client businesses, but not on anything like the scale of the devastating floods of 2015. Floodwaters have now receded, and ZMF is working closely with those clients who are affected to ensure they have the necessary support (including re-structuring loans where necessary).
Many ADC supporters will no doubt be aware of the current conflict in Rakhine State in Myanmar, and consequent humanitarian crises. At this stage it looks unlikely that the unrest will directly affect the areas in which ZMF (ADC's Myanmar project partner) operates, as these are a few hundred kilometres to the north of Rakhine. However, our thoughts are with the thousands of innocent people affected by the ongoing violence and displacement.