MVR 15.9M issued in loans for agriculture in six years; mostly for modern agriculture

Ministry of Agriculture and Animal Welfare states MVR 15.9 million has been issued in loans over the past six years under the 'Dhan’duveri Nafaa' loan scheme – with most borrowers withdrawing the loan for modern agriculture purposes.

The 'Dhan’duveri Nafaa' loan scheme has two categories: a loan up to MVR 100,000 with a repayment period of up to three years, and a loan ranging from MVR 100,000 to MVR 2 million, repayable within seven years. Both options carry an annual interest rate of six percent.

Ministry of Agriculture, on Wednesday, shared the details of loans issued since 2019.

In this regard, 18 individuals have borrowed loans of up to MVR 100,000, totaling MVR 1.4 million. Meanwhile, 23 individuals have taken loans ranging from MVR 100,000 to MVR 2 million, amounting to a total of MVR 14.5 million.

As such, loans up MVR 15.9 million have been issued under the 'Dhan’duveri Nafaa' loan scheme over the past six years.

SME Development Finance Corporation (SDFC), through which these loans are issued, states most borrowers withdrew loans for modern agriculture purposes so far.