Minister of Fisheries, Agriculture and Ocean Resources Ahmed Shiyam has launched new rounds of two agricultural financing schemes: the Dhanduveri Manfaa Grant and Dhanduveri Nafaa Loan, during an official visit to Kelaa, Haa Alif atoll.
The second round of the Dhanduveri Manfaa Grant is now open for applications, as well as the first round of the Dhanduveri Nafaa loan that follows Islamic financing principles. The Dhanduveri Nafaa loan is the former Nafa Loan Scheme converted to an Islamic financing facility. Both schemes are being implemented in partnership with SME Digital.
The grant is a USD 972,763 matching-grant scheme, implemented under the Maldives Agribusiness Programme (MAP) in collaboration with the Agriculture Ministry and the International Fund for Agricultural Development (IFAD) to provide financial assistance to farmers. It targets farmers, agricultural NGOs, SMEs and cooperative societies in MAP project areas, which includes Haa Alif, Haa Dhaalu atoll and Shaviyani atoll.
The ministry said the first round of the grant had ended successfully. Similar to the first round, the second grant round focuses exclusively on climate-smart production, including installation of greenhouses, hydroponics and similar systems.
Information sessions on grant application have already been held in project islands. Grant applications will be submitted through the SME Digital Portal.
The Dhanduveri Nafaa financing facility supports modern agriculture, including urban and protected farming, terrace or vertical gardening, poultry and small livestock farming, agro-processing and value addition, agroforestry and plant nurseries. Financing will also cover veterinary services, pet farms and pet supplies to improve animal welfare as per the ministry’s mandate.
The programme’s aim is to help farmers invest in their businesses, grow the agricultural sector and economy, and encourage more young people to enter modern agriculture.