Govt issues MVR 13 mil in loans to farmers

The Ministry of Agriculture and Animal Welfare on Monday, said the government has issued a total of MVR 13 million in loans to local farmers.

The ministry confirmed this at the press conference held, to highlight its initiatives in the last six months.

The Agriculture Ministry's State Minister Mariyam Wishama said that as of April 2024, it had issued MVR 13 million loans to farmers.

She added that as of April 30, more than MVR 4 million was issued to individuals and over MVR 8 million issued to companies, under the loan facility.

"As of April 30, we have issued MVR 4,900,000 to individuals and another MVR 8,200,000 to companies. In total, MVR 13,200,000 in loans have been issued," Wishama commented.

The "Dhanduveri Kamuge Nafaa" (Agricultural Benefit) loan scheme was launched by the ministry with the help of SME Development Finance Corporation (SDFC). The loan scheme aims to provide financial support for local farmers to strengthen farming infrastructure with the purchase of latest and modern technology utilized in agriculture.

The facility provides loans between MVR 100,000 to MVR 1,000,000 without a collateral to subscribers, the State Minister added.

She further confirmed a total of 7,600 individuals are listed on the farmers registry, out of which 53 percent are women with the remaining 47 percent being men.