Work Coordination Meeting: Disbursing loans for MSMEs and oil mills

A work coordination meeting on disbursing loans for MSMEs and oil mills took place at the meeting hall of the Ministry of Industry on Friday.

Speaking on the occasion, Union Minister for Industry Dr. Charlie Than in his capacity as Chairman of the MSME Development Committee stressed that it is needed to disburse loan to those promising businesses that are really in need of cash assistance.

He called for effective work plans to expedite the process conveniently. The meeting continued by making discussions upon working processes of loan disbursement to oil mills, MSME loan disbursement and implementing the decision of State Economic Promotion Fund Management Committee meeting (3/2024).

The MSME development loan was approved and established during the central committee meeting 1/2022, with the deposit of 170 billion kyat by the state on 8th February 2023. Among these fund, 150 billion kyat will be disbursed as MSME development loan.

As the first batch, 280 million kyat loan will be disbursed to 10 MSME entrepreneurs. Regarding the oil mills development loan, the oil mills development loan management working group was comprised, with 50 Billion Kyat deposit from State Economic Development fund. Over 3.4 billion kyat loan have been disbursed to 31 oil millers till today.

Plans are underway to disburse remaining 46.507 billion kyat.