The Ministry of Agriculture and Animal Welfare has inaugurated a new financial assistance and loan scheme named “Dhanduveri Manfaa,” designed to support individuals working in the agricultural sector. This initiative, officially launched in partnership with the SME Development Finance Corporation (SDFC) and implemented in collaboration with the International Fund for Agricultural Development (IFAD), aims to enhance agricultural productivity and sustainability in the Maldives.
During the launch ceremony, Minister of Agriculture and Animal Welfare Dr Aishath Rameela highlighted the vital importance of providing financial support to secure long-term benefits from the agricultural sector. The opportunity for this scheme was made possible through an agreement signed between the Ministry of Finance and the SDFC in April. Interested parties have one month to prepare and submit the necessary documents via Eefas accounts.
The “Dhanduveri Manfaa” scheme targets 26 islands in Haa Alif Atoll, Haa Dhaalu Atoll, and Shaviyani Atoll, where Maldives Agribusiness programmes are currently underway. It is open to small and medium-sized agricultural firms, civil organisations actively involved in the industry, and cooperative societies. The financial assistance will enable these entities to invest in climate-smart technologies, greenhouses, and advanced irrigation and fertigation systems.
The ministry announced at the ceremony that USD 648,508 has already been allocated to private firms, non-governmental organisations (NGOs), and cooperative societies for the installation of greenhouses, hydroponic systems, and other technological advancements.
The grant scheme will provide free assistance and funds up to USD 97,276, with support available for projects that are between 30% and 50% complete. Payments are required for projects that are between 50% and 80% complete.
In addition to grants, the scheme offers loans up to USD 129,701 with a 6% interest rate, a 12-month grace period, and a seven-year repayment term. For loans exceeding USD 453,955, a mortgage must be proposed. Applications for loans can be submitted through the SDFC portal.
To be eligible for either the grant or loan schemes, applicants must have worked in the agricultural field for at least one year and must not have received any previous agricultural grants from government agencies. Preference will be given to members of the Island Farmers Forum.
The Maldives Agribusiness Programme, conducted by the ministry in collaboration with IFAD, operates in 26 islands across three atolls. It aims to establish island farm forums that provide farmers with agricultural information, training, and financial assistance.
The “Dhanduveri Manfaa” initiative represents a significant effort by the Ministry of Agriculture and Animal Welfare to strengthen the agricultural sector in the Maldives, promoting sustainability and economic growth.
