Loans offered for edible oil sector development

The Oil Mills Development Loan Management Body announced on Monday that it would provide capital loans at a yearly interest rate of five per cent for developing the edible oil industry.
The loans will cover working and fixed capital for expanding, upgrading, and developing necessary equipment and new mills. The loans are sourced from the State Economic Development Fund.
Entrepreneurs may borrow from K10 million to K300 million for working capital and K20 million to K300 million for fixed capital investment. Repayment periods span one year for working capital loans and are structured over three years in three instalments for fixed capital loans.
Applicants are required to provide a valid licence, demonstrate their working capacity, offer immovable property as collateral for the loans, and submit Form 7 for engaging in activities on farmland to apply for the loans.
Application forms are available for download on the Ministry of Planning and Finance websites, Directorate of Industrial Supervision and Inspection, Myanmar Edible Oil Millers’ Association, Myanmar Edible Oil Dealers’ Association, Myanma Economic Bank, and Myanma Agricultural Development Bank.
From July to October 2023, 21 edible oil millers from seven states and regions, including Nay Pyi Taw, borrowed K1.77 billion from the State loans. In the subsequent round, 37 millers applied for K6.78 billion. — TWA/NT