K46B+ in loans available for Myanmar oil millers

According to the Ministry of Industry, oil millers and entrepreneurs can still apply for over K46 billion in available loans. These loans are part of a K50 billion fund established by the State Economic Promotion Fund to support the development of oil refineries. So far, K3.493 billion has been loaned to 31 oil millers and entrepreneurs.
Union Minister for Industry Dr Charlie Than said on 23 August that efforts will be made to ensure the remaining K46.507 billion is issued promptly and accurately. Statistics show that K46.507 billion remains available for loans to oil mills.
In Myanmar, there are more than 4,250 oil mills, including over 230 large mills, more than 920 medium mills, and over 3,100 small mills. Some mills have been suspended due to various challenges, while some cannot operate at full capacity.
The difficulties faced by oil millers include competition with cheap imported oil, the need for financial capital to purchase and store oil crops when they are available, the export of oil crops like peanuts and sesame as raw materials, difficulties in producing raw materials for domestic edible oil production, and the need for funds to upgrade oil mills.
Recently, low-interest loans have been provided through the Oil Industry Development Loan Fund, established by the State Economic Promotion Fund, to support the expansion, upgrading, and installation of advanced equipment at domestic oil mills, as well as the construction of new modern oil mills and other business investment needs. — TWA/TKO