The oil mill loan applications for development of oil mill industries was called for second time and loans will be given to those who meet the set standard according to deputy minister for the Ministry of Planning and Finance U Maung Maung Win.

The Myanmar Oil Mills Development Loan Management Task Force held its Work Coordination Meeting (4/2023-2024) at the Ministry of Planning and Finance on October 24.

He said from July to October 2023, a total loan of Ks.1773 million was given to 21 business people from 7 states and regions including Nay Pyi Taw Council area. The oil mill loan applications for development of oil mill industries were called for second time from the State owned newspapers on September 24, 2023. He added that loans will be given to those who meet the set standard.

Secretary of Myanmar Oil Mills Development Loan Management Task Force, managing director of Myanmar Agricultural Development Bank U Min Thu explained measures being taken and future works to be carried out. Leaders of respective teams and project manager of project management unit also made clarifications on checking of loans. Members of the working committees also made suggestions.

Present on the occasion were permanent secretaries of Ministry of agriculture, livestock and irrigation, Ministry of cooperatives and rural development, Ministry of Planning and Finance, director-generals, officials from UMFCCI and Myanmar Banks Association.

Loan proposals and required documents can be submitted in person or placed in sealed envelopes at the respective work committee. The loans have been given by the State Economic Promotion Fund taking five percent interest rate for the sufficient in local consumption and reducing of buying edible oil from abroad.