MVR 16 million issued in loans to develop agriculture; 30 percent for women

Minister of Agriculture and Animal Welfare Dr. Aishath Rameela states MVR 16 million has been issued in loans to develop the agriculture sector to date, of which 30 percent was allocated for women.

She made the remark in an address to the nation on the occasion of National Farmers Day and World Food Day. In this regard, she detailed that the Ministry in collaboration with SME Development Finance Cooperation (SDFC) was implementing a loan program for individuals involved in the agriculture sector under the name ‘Dhanduveri Nafaa’.

The Minister noted that 30 percent of the loans issued under the program is allocated to women in the agriculture sector. Moreover, she noted that efforts were being undertaken to leverage technology in the development of the agriculture sector via loans issued under the program.

“A total of MVR 16,009,082 has been issued under this loan program for agricultural development including modern agriculture using technology, urban agriculture, protected agriculture, vertical agriculture, poultry and small animal farming, value addition and nurseries,” she added.

Minister Rameela underscored that positive changes were currently being made to the loan scheme to address the difficulties faced by farmers in applying for the loan.

“In this trajectory, the Ministry is currently working alongside SDFC to increase unsecured loans without collateral currently capped at MVR 100,000 to MVR 500,000,” she detailed.

Apart from this, she said the Ministry is also undertaking efforts to make the loans issued for agriculture compliant with Islamic financing regulations, which would soon be implemented for the benefit of farmers.

Speaking further, Minister Rameela said the national laboratory being developed for agricultural testing will be completed in September of next year.

The laboratory, as per the Minister, will have the capacity to conduct soil analysis and analysis of insects and bacteria that cause disease in plants alongside a special laboratory for plant tissue culturing.

The Minister said the establishment of the laboratory will cut down the expenses and time incurred to send samples abroad for such tests.