Minister of Agriculture and Animal Welfare, Dr. Aishath Rameela has announced that the "Dhanduveri Nafaa Loan" Programme, which is issued without collateral, is being expanded to USD32,000. She made the announcement during her special address for National Farmers' Day on October 15, and World Food Day on October 16.
In her address, Minister Rameela emphasised the government's commitment to making agriculture a key sector in the economy of the nation. She highlighted the government's efforts to support newcomers to the sector and elevate the sector to new heights. She further noted that a total of one million has already been disbursed under the "Dhanduveri Nafaa Loan" Programme, which is being further strengthened.
Additionally, Minister Rameela said that the ministry is collaborating with the SME Development Finance Corporation (SDFC) to increase the current loan cap from USD 6,500 to USD 32,000 without collateral. She said that the ministry and SDFC are working to ensure that agricultural loans are compliant with Islamic financing principles. She also announced that the government is partnering with the International Fund for Agricultural Development (IFAD) to expand the agribusiness programme, including setting up model greenhouses on 12 islands, with five more islands to follow.
Furthermore, Minister Rameela revealed the launch of a new initiative allowing farmers to invest in greenhouses, with the distribution of free aid to eligible applicants starting next week. She said that a total of 68 farmers have applied, and after evaluation, the aid will be issued next week. In addition, she announced the upcoming Uthuru Thila Falhu (UTF) Agriculture Zone Project, which aims to transform the agricultural landscape in the Maldives, and a vertical farming project aimed at introducing innovative agricultural practices.
Referring to the efforts being made to provide necessary assistance to the agricultural sector, Minister Rameela noted plans to establish the National Plant Protection Organisation next year, with operations beginning soon after. She also confirmed that the agricultural laboratory will be completed by the end of the year.