Application date for oil mill loan extended to 27 Jan 2023

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The peanut oil home business is pictured in Pakokku.

The loan application period for Myanmar’s private oil millers has been extended by one month, according to the study and analysis team on loan needs for the oil industry.
It was announced that the loan application for oil mill operators would be closed on 27 December, but it has been extended by one month until 27 January 2023.
Relevant loans are provided with an aim to ensure domestic oil sufficiency, reduce imports and produce quality edible oils, and meet investment requirements for the expansion and upgrading of domestic oil mills and the construction of new modern oil mills, stated the announcement.
Applicants can download loan proposal forms from the websites of the Department of Industrial Supervision and Inspection under the Ministry of Industry and the Ministry of Agriculture, Livestock and Irrigation.
The closing date is set on 27 January 2023. The loan proposal and documents are placed in a sealed envelope and submitted to the study and analysis team at Office No 37.
To reduce the foreign currency spent on importing palm oil from abroad, the Oil Mills Association requested the State to lend the necessary cost in order to increase domestic oil production by up to one million tonnes.
There are more than 3,000 officially registered oil mills in the country whereas more than 1,000 unregistered oil mills run in rural areas. — TWA/KZL

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