MRF to help businessmen in rice sector obtain govt loans

Workers loading sacks of rice  into a lorry.  Photo: Phoe Khwar
Workers loading sacks of rice into a lorry.  Photo: Phoe Khwar

The Myanmar Rice Federation (MRF) will help businessmen with small and medium rice enterprises obtain government loans, said U Ye Min Aung, secretary of MRF.
“The plan will offer loans from Ks20-30 million up to Ks200-300 million, depending on the business size. MRF will also plan for the SMEs to cluster together, if it is difficult for individual businesses to survive,” he said.
MRF is cooperating with the ministry of planning and finance to provide loans in March or April.
MRF has requested the government to provide Ks65 billion for small and medium enterprises (SMEs) in the rice sector during the next fiscal year. To participate in the government’s loan plans, prioritised businesses will be selected on the basis of their contribution to promoting exports and import substitutions, as well as value-added manufacturing.
“Those who have a recommendation, or even those who do not have one, are invited to apply for this plan. We will focus mainly on the business status, potential income and profit-making,” said U Ye Min Aung.
Businessmen engaged in pedigree crop production, grain dryer installations, warehouse construction, expansion of export businesses, upgrading of rice mills and rice bran oil mills, feed processing factories, valued-added products, such as rice vermicelli, rice noodle and rice powder production businesses, and rice husk electric power production, among others, are entitled to apply to receive funding through the loan plan. Small and medium businesses that wish to obtain a loan loan can contact MRF. Additionally, those who are not engaged in any business, but plan to do so in the future, can also contact MRF. The Myanma Economic Bank has also committed to provide a loan of Ks300 billion to the agriculture sector, during a regular meeting between the vice president and businessmen in October.
Rice exports, as of early January this fiscal year, reached more than 2.6 million metric tonnes, registering a 50-year record high in export volume. MRF intends to bolster rice exports by 2020.

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