"The launch of the Myanma Tourism Bank (MTB) earlier this year is the latest initiative by the Myanmar government to spur development in its growing tourism sector. Offering low interest loans to Myanmar’s tourism players, the bank started operations at its headquarters in Yangon on 6 May – with offices in the capital Nay Pyi Taw and Mandalay among those in the bank’s ambitious plan for a network of 10 branches by the end of 2019. Boasting a multitude of religious landmarks, luxury resorts and sandy beaches, Myanmar is fast gaining a reputation as an attractive tourist destination and drew in 3.55 million visitors last year. With 7,800 tour guides and 2,500 local tour companies, the majority of which are small and medium-sized enterprises (SMEs), the introduction of the MTB will go a long way in providing access to credit for Myanmar’s tourism stakeholders. Economic engine Not only will this diversify the country’s affordable tourism offerings, loans catering specifically to the tourism sector will also increase the participation of local players in developing the tourism market. The majority of investments in Myanmar’s tourism sector comes from Singapore, which accounts for more than 60 percent of the US$4.4 billion in foreign investment in hotels and commercial complexes according to Myanmar’s Ministry of Hotel and Tourism..."