Oil mills task force disburses K3.5B loan to 31 oil millers

Oil Mills Development Loan Management Task Force provided a K3.5 billion loan for 31 oil millers.
The State allocated a K50 billion development fund for oil mills. The loans are being disbursed at low interest rates to install advanced machines at oil mills, upgrade machines and meet working capital requirements.
Oil millers can apply for loans under two categories. For working capital requirements, K10 to K300 million loans are provided with one-year loan terms. Oil millers can apply for a K20 to 30 million loan to purchase equipment and construct buildings with three-year loan terms.
The oil millers must hold a valid licence and are currently running operations. They must present real property, assets and farm ownership certificate Form 7 as collateral. Those who have already received loans from the respective state-owned banks and private banks need to provide separate collateral to apply for oil mill development loans.
The oil mills from regions and states can apply for that loan at Myanma Economic Bank branches and Myanma Agricultural Development Bank branches.
The loan scheme started in 2022. Those millers who met loan criteria have already been received. — TWA/KK