Signing Ceremony : Edible oil mill development loan program

A signing ceremony for the cooperation agreement between the Executing Agency, the Myanma Economic Bank and 14 private banks participating as Participating Financial Institutions (PFIs) in the Edible Oil Mill Development Loan Program was held in Nay Pyi Taw on Saturday.

Deputy Minister for Finance and Revenue Daw Than Than Lin attended the event and made a speech, saying that the State has allocated 50 billion kyats from the State Economic Promotion Fund to support construction of new oil mills, upgrading existing mills, and procurement of raw materials.

Loans are provided at 5% annual interest. Previously, only the Myanmar Economic Bank and Myanma Agricultural Development Bank served as PFIs, but now 14 private banks will also participate, enabling wider implementation.

The loan amount for each oil mill owner has been increased from 30 million kyats to 50 million kyats, and up to 100 million kyats for establishing large-scale mills. She added that proper use and disbursement of the loans will help develop the oil milling industry, improve the quality of edible oil, reduce imports, and save foreign currency. Officials from the Myanma Economic Bank and representatives from the 14 private banks signed the agreement.