Ministry of Fisheries, Marine Resources and Agriculture has revealed plans to introduce a credit scheme for farmers next year as part of the farmer’s loan issued currently by SME Development Finance Corporation (SME) Bank.
Speaking to media, Director of Fisheries Ministry Ismail Rasheed said the fisherman’s loan issued by the SME bank has been well received by the public and it currently is planning to launch a credit scheme for the businesses in the agriculture sector.
Meanwhile, Assistant Director at the Ministry Hussain Faisal said the SME bank has received 25 loan applications for agriculture business and over USD 129,700 have been issued in loans to these businesses. The ministry takes measures to ensure the funds are used for agricultural purposes, he added.
SME bank issues agribusiness loans in 4 categories. The loan categories include farming new technology, Agroforestry, Plant Nursery and Poultry.