The Ministry of Agriculture and Animal Welfare has announced that a total of MVR 15.9 million has been disbursed so far under the Dhan'duveri Nafaa loan scheme.

Launched in March 2019, the programme is run by the SME Development Finance Corporation (SDFC), with the highest number of loans issued for modern agricultural projects among all categories.

According to a statement issued by the Ministry on Wednesday, the majority of disbursed loans have been allocated to projects falling under the scheme's higher financing tier of up to MVR 2 million. A total of MVR 14.5 million has been provided to 23 recipients under this category.

In addition, MVR 1.4 million has been distributed to 18 applicants under the small-scale loan category, which offers up to MVR 100,000 per applicant.

The loan scheme is offered in two tiers. The first category provides loans of up to MVR 100,000 with a maximum repayment period of three years. The second category includes loans ranging from MVR 100,000 to MVR 2 million, with a repayment period of up to seven years. All loans are issued at an annual interest rate of six per cent.

The scheme prioritises modern agricultural ventures that incorporate technology and innovation. Eligible areas include urban and protected agriculture, vertical and terrace gardening, poultry and small livestock rearing, value-added agricultural products, agroforestry, and the establishment of tree nurseries.