The loans are intended to support various agricultural activities, including poultry farming, agroforestry, and value-adding processes in agricultural products.
Corporate Maldives
In a significant move to enhance the agricultural sector, the Ministry of Agriculture has disbursed loans totalling MVR 13 million under the government's 'Dhanduveringe Nafaa' loan program. This initiative aims to support agricultural development and encourage the adoption of new technologies among Maldivian farmers, thus strengthening the overall food security and economic stability of the nation.
The loan has been distributed to both private individuals as well as companies, with the aim of encouraging the development of the agriculture sector in the Maldives. With this, more than MVR 4 million was allocated to private individuals, while companies received MVR 8.82 million. The loans are intended to support various agricultural activities, including poultry farming, agroforestry, and value-adding processes in agricultural products.
In addition to providing much-needed financing in the agriculture sector, the ‘Dhanduveringe Nafaa’ loan program also offers flexibility to the farmers as the program offers up to MVR 1 lakh without the need for collateral and up to MVR 2 million under specific conditions. This structure is designed to make financial support accessible to a broader range of farmers and agricultural entrepreneurs.
The 'Dhanduveringe Nafaa' loan program is pivotal for the development of the agricultural sector in the Maldives. By providing financial resources, the program encourages the adoption of modern farming techniques and technologies, which can lead to increased productivity and sustainability. For instance, poultry farming and agroforestry investments can diversify agricultural activities and enhance food production capabilities.
The Agriculture Minister of the Maldives Vishama also highlighted that the Ministry maintains a comprehensive register of farmers, which currently includes 7,627 registered individuals. This register, which is continually updated, reveals that 53% of the registered farmers are women, highlighting the significant role women play in the agricultural sector. The remaining 47% are men, showcasing a balanced participation in farming activities across genders.
Access to financial support such as the Dhanduveringe Nafaa program is crucial for the growth and sustainability of agriculture in the Maldives. These loans enable farmers to invest in essential resources, such as seeds, equipment, and technology, which can improve crop yields and farming efficiency.
