The Ministry of Agriculture and Animal Welfare has announced that MVR 13 million in loans has been disbursed to farmers in the Maldives.
Speaking at a news conference today, Mariyam Vishama, Minister of State at the Ministry of Agriculture and Animal Welfare, revealed that the loans distributed until April totalled MVR 13 million.
According to Vishama, over MVR 4 million had been allocated to private individuals by the end of last month, while companies received more than MVR 8 million.
“As of April 30, loans worth MVR 4.9 million have been disbursed to private individuals, and MVR 8.2 million to companies, making a total of MVR 13.2 million disbursed so far,” Vishama stated.
The loan scheme is a collaborative effort between the SME Development Finance Corporation (SDFC) and the Ministry of Agriculture and Animal Welfare. It is designed to offer financial assistance and modern technological opportunities to enhance farming practices.
The program provides unsecured loans ranging from MVR 100,000 to MVR 2 million.
Currently, there are 7,600 registered farmers in the Maldives, with a demographic composition of 53% female and 47% male. This initiative is expected to boost agricultural productivity and sustainability across the country significantly.
