The Ministry of Agriculture and Animal Welfare has revealed that a total of MVR 15.9 million has been disbursed in agricultural loans through the ‘Dhan’duveri Nafaa’ loan scheme since its launch in 2019.
Run in partnership with the SME Development Finance Corporation (SDFC), the programme offers financing for modern farming projects aimed at boosting food production and supporting self-sufficiency in the Maldives.
According to the ministry, the highest number of loans under the scheme have been taken for modern agricultural initiatives, particularly vertical farming and greenhouse farming.
Loans are available in two categories: the first allows applicants to borrow up to MVR 100,000, repayable over a maximum of three years. The second category covers loans between MVR 100,000 and MVR 2 million, with a repayment period of up to seven years. Both types of loans carry an annual interest rate of six percent.
Over the past six years, 18 individuals have taken out loans under the first category, amounting to MVR 1.4 million. Meanwhile, 23 loans have been issued under the second category, totalling MVR 14.5 million.
The ministry stated that the scheme remains a key component of its efforts to encourage innovation in agriculture and to reduce reliance on imported food products.
