The Ministry of Agriculture and Animal Welfare has stated that SDFC has issued MVR 15 million in loans for agriculture over the past six years. The ministry said that highest number of loans taken to date from the 'Dhan'duveri Nafaa' loan scheme, run in collaboration with SDFC, is for modern agricultural work.
Applications for the scheme were initially opened in 2019, with MVR 15.9 million issued to date. The loan is granted in two categories. The first is a loan of up to MVR 100,000 which has to be repaid in a maximum of three years, and the other, a loan of between MVR 100,000 to MVR 2 million, which has to be repaid in a maximum of seven years. Both loans carry an annual interest of six percent.
18 individuals took loans of up to MVR 100,000 in the past six years, the ministry said. This amounts to a total of MVR 1.4 million. From the second category, 23 loans were issued, reaching a total of MVR 14.5 million.
The ministry said that the highest number of loans were taken to initiate vertical farming and greenhouse farming.
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