SME Digital, formerly the SME Development Finance Corporation, has so far disbursed more than USD 1.32 million in loans to dozens of enterprises and individual farmers, according to statistics released by the Ministry of Agriculture and Animal Welfare. The initiative, carried out in partnership with the ministry, is known as the 'Dhanduveri Nafaa' loan facility. Officials say the scheme is intended to strengthen the nation’s economic resilience, though only 54 entities have received funding out of more than 7,000 farmers registered with the ministry.
At a press briefing at the President’s Office, Agriculture Minister Dr Maryam Mariya outlined the programme’s broad scope. The loans, she explained, are designed to support traditional land-based farming, modern agricultural practices, agroforestry, plant nurseries, and value-addition projects. “Since the inception of this programme, loans have been successfully disbursed to a total of 54 parties,” she said. Detailing the recipients, she added, “This cohort encompasses five corporate entities, 44 men, and five women.”
The financing framework is divided into two tiers. The first offers loans of up to USD 6,484.02, while the second provides sums ranging from USD 6,484.02 to USD 129,680.37. Both tiers carry a standardised annual interest rate of 6 percent. Repayment terms vary: smaller loans must be repaid within three years, while larger loans allow up to seven years.
Beyond financial assistance, the ministry has designated Ariadhoo, in Alifu Dhaalu Atoll, as a central hub for coconut palm cultivation. Environmental assessments and a land-use plan have been completed, and preparations are underway to attract an investor to develop the island. Training has also been prioritised, with programmes conducted across 31 islands over two years, drawing 845 participants, 474 women and 371 men, in an effort to equip communities with the skills needed to sustain agricultural livelihoods.