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Rice request: Association aims for $15m credit

Rice request: Association aims for $15m credit

CAMBODIA’S Rice Millers Association has requested US$15 million in credit from the government to purchasing paddy for milling for 2011, its president Phou Puy said yesterday. The capital will allow the association’s 280 millers to purchase additional paddy, in turn producing up to 60,000 tonnes of processed rice for export, he said.

“We hope the government will approve our request so that the association will be able to collect more rice,” he said.

The capital would be extended to rice millers in the major rice producing provinces, aiming for individual loan sizes to millers of $300,000 to $500,000.

Last year, the association was granted $11 million from the government via state-owned Rural Development Bank.

Sun Kunthor, general director of the Rural Development Bank said the association’s request was now undergoing a review process by the Ministry of Economy and Finance.

“We will arrange the requested loan this month... if the review shows that the requested loan is appropriate and reliable,” he said. Kampong Cham Rice Miller Association president Sur Kheang said he welcomed more lending to millers. “We need more loans," he said.

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