SLCM receives USD 3 mln loan from IFC to expand its business in Myanmar

The International Finance Corporation (IFC), a member of the World Bank Group, has provided a USD 3-million loan to agri-logistics firm SLCM to expand its business in Myanmar. The fund would be used to expand its warehousing and allied services in Myanmar, thereby improving the livelihoods of the rural population that rely on agriculture.

"We have replicated our best practices and expertise in agriculture warehousing domain in Myanmar. In the past five years, we have been able to reduce post-harvest losses to 0.5 per cent in the country, thus helping every player in the farm-to-market chain. We intend to utilise the capital to further scale up our operations and expand our presence here," said Sandeep Sabharwal, Group CEO, SLCM.

The SLCM Group entered the Myanmar market in 2014. It has, so far, managed 3.24 million square feet of commodity storage space in 127 industrial zones and has handled 521 commodities with a total volume of 10.14 million tonne. "Myanmar's agricultural sector is a key pillar of the economy and provides employment to about 53 per cent of the labour force. Further, developing this sector is key to helping people move out of poverty," said Vikram Kumar, IFC Manager for Myanmar and Thailand. Since 2013, IFC has invested and mobilised over USD 1.3 billion in Myanmar.

(With inputs from agencies.)