Loans to be provided to oil millers in need of capital

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The photo depicts a general view of the local oil refinery.  PHOTO: ahmayhtwar

Oil Mills Development Credit Management Group will provide loans to oil mill owners in need of capital.
The Oil Industry Development Loan Management Group, provides loans with low-interest rates from the oil industry development loan fund, to expand, install modern equipment to local oil mills, build new modern oil mills and promote the national economy for business capital needs.
As for the loan amounts, the loan for working capital is from a minimum of K10 million to a maximum of K300 million, while the loan for Fixed Capital is from a minimum of K20 million to a maximum of K300 million. Those who wish to obtain a loan of more than K300 million can apply directly to the Oil Mills Development Credit Management Task Force, the Secretariat, and the Myanmar Agricultural Development Bank (head office).
The loan term and repayment periods are one year for commercial revolving investment loans and three years for fixed investment loans as three instalments are set, and the loan interest rate will be paid at five per cent per year.
Entrepreneurs who want to apply for the loan can apply for oil refinery loan proposal forms at Union Territorial Nay Pyi Taw, State/Region Oil Refinery Owners Association offices, Oil Traders, Oil Entrepreneurs Association offices, Industrial Supervision and Inspection Department branch offices, Myanmar Commercial Bank branches and Myanmar Agricultural Development Bank branches, according to the Oil Industry Development Credit Management Group. — TWA/KZL

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