Maldives Launches "Dhanduveri Manfaa" Scheme for Agricultural Growth

The Ministry of Agriculture and Animal Welfare has introduced a significant financial assistance and loan scheme called "Dhanduveri Manfaa" to support individuals working in the agricultural industry. The initiative, launched in partnership with the SME Development Finance Corporation (SDFC) and the International Fund for Agricultural Development (IFAD), aims to provide vital financial assistance to bolster the sector.
Minister of Agriculture and Animal Welfare Dr. Aishath Rameela emphasized the critical importance of such financial support during the launch ceremony. She highlighted that the scheme is designed to ensure long-term benefits for the agricultural sector, which is crucial for the sustainable development of the Maldives.
The scheme, opened under an agreement signed between the Ministry of Finance and the SDFC in April, provides a month for interested individuals to prepare and submit their applications via Eefas accounts. The grant targets 26 islands in Haa Alif Atoll, Haa Dhaalu Atoll, and Shaviyani Atoll, where Maldives Agribusiness programs are ongoing. It is directed towards small and medium-sized agricultural firms, civil organizations, and cooperative societies actively involved in the industry.
The financial assistance can be used to purchase and install climate-smart technology, greenhouses, irrigation, and fertigation systems, contributing to the modernization and sustainability of agricultural practices in the Maldives.
During the ceremony, the ministry announced that a total of USD 648,508 has already been issued to private firms, non-governmental organizations (NGOs), and cooperative societies for the installation of greenhouses, hydroponic systems, and other advancements. The free assistance and funds provided under the scheme are as follows:

• Up to USD 97,276 in free assistance for projects between 30% and 50% completion.
• Payments required for projects between 50% and 80% completion.

Additionally, loans under the scheme will be issued up to USD 129,701 with the following terms:

• 6% interest rate.
• Payments for projects between 10% and 15% completion.
• A grace period of 12 months.
• Loans to be repaid within seven years.

For loans exceeding USD 453,955, a mortgage must be proposed. Interested individuals can submit their loan applications through the SDFC portal.
The "Dhanduveri Manfaa" scheme is also structured to prioritize members of the Island Farmers Forum. Proposals can be submitted by individuals who have worked in the field of agriculture for at least one year and have not previously received any agricultural grants from government agencies.
The Maldives Agribusiness Programme, conducted by the ministry in collaboration with IFAD, is operational in 26 islands across three atolls. This program includes the establishment of island farm forums that involve local farmers, providing them with agriculture-related information, training, and financial assistance. By implementing these initiatives, the Maldivian government aims to strengthen the agricultural sector and promote sustainable and inclusive economic growth.
In summary, the "Dhanduveri Manfaa" scheme represents a significant step forward for the agricultural sector in the Maldives. Through strategic financial assistance and loan options, it aims to foster innovation, sustainability, and long-term benefits for farmers and agricultural businesses across the nation.