According to the Ministry of Agriculture and Animal Welfare, the government has issued a total of over MVR 13 million in loans to local farmers.
The State Minister of the ministry Mariyam Wishama, at a press conference held on Monday to highlight the initiatives carried out by the ministry in the last six months, confirmed this.
She further noted that as of April 30, more than MVR 4 million was issued to individuals with another MVR 8 million issued to companies.
Government launched “Dhanduveri Kamuge Nafaa” loan facility earlier through the SME Development Finance Corporation (SDFC). The loan facility enhances farmers to procure latest equipment and stay technologically relevant and up to date on agricultural practices.
The facility, providing loans from MVR 100,000 to MVR 1,000,000 can be applied for, by customers without any collateral.
The State Minister also highlighted that a total of 7,600 individuals are currently on the farmers’ registry.
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