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SDFC issues MVR 4.7 mln in loans for agriculture, farming

Fathmath Shaahunaz
13 August 2020, MVT 18:17
SME Development Finance Corporation (SDFC) in the capital city of Male'. PHOTO: HUSSAIN WAHEED/MIHAARU
Fathmath Shaahunaz
13 August 2020, MVT 18:17

SME Development Finance Corporation (SDFC) disclosed on Wednesday that MVR 4.7 million was issued through the 'Dhanduveri Nafaa' programme for farmers and agricultural workers.

A collaboration between SDFC and the Ministry of Fisheries, Marine Resources and Agriculture, the 'Dhanduveri Nafaa' programme provides priority financing to boost sustainable farming and agriculture.

SDFC stated that it has approved 17 loan applications so far.

Loans issued under Dhanduveri Nafaa carry an interest rate of six percent, a 12-month grace period and 7-year repayment period.

The categories include up to MVR 500,000 for individuals and up to MVR 2,000,000 for companies.

Loans of MVR 75,000 and below are exempt from equities and securities.

SDFC noted that Dhanduveri Nafaa loans promote investments in modern farming technology, poultry and livestock farming, agroforestry and plant nurseries, and other related value-added services.

Introduced in March 2019, Dhanduveri Nafaa loans amounted to a total of MVR 2 million by the end of the year.

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