Ministry of Fisheries, Marine Resources, and Agriculture has revealed the provision of ‘Dhanduveri Nafa’ loan to 25 farming individuals to assist farmers to deal with the financial downturns faced by the industry and to broaden the economy.
This was stated in a meeting held with Minister of Fisheries, Marine Resources and Agriculture, Zaha Waheed, in the parliament Government Oversight Committee. She stated the government has been working on providing financial assistance to the individuals specialized in the industry.
In this meeting, she has highlighted ‘Dhanduveri Nafa’ loan program, which was introduced by the SME bank, which means to provide ease for the farmers who wish to invest in the field and to further broaden the economy. 25 individual farmers have been provided financial assistance which amounts to MVR 7.3 Million, she said.
Ministry reveals importance is given to executing urban farming when providing loans under ‘Dhanduveri Nafa’. Projects such as urban agriculture, protected agriculture, vertical gardening, polytree, and developing nurseries will get financial assistance from this loan.
While this loan is provided with an interest of 6%, individual farmers can claim a loan between MVR 75 thousand and MVR 500 thousand. Companies and corporate farmers can claim a loan between MVR 75 thousand and MVR 2 million, according to the ministry.
Farmers who obtain a loan of MVR 75 thousand shall pay it back within 3 years and the grace period for this is 6 months while the grace period for farmers who obtain a loan between MVR 75 thousand and MVR 500 thousand is 6 months. They shall pay back the loan within 5 years. Loans above MVR 500 thousand receive a grace period of one year and shall be paid back within 7 years.