The Ministry of Agriculture has stated that the SME Bank is to issue Farmer Grant loans to all members in the agriculture industry.
According to the official announcement made by the Ministry of Agriculture, the loans issued would range from MVR75,000 to MVR2 million. The loan is to be issued with the priorities given to individuals who wish to integrate technology and bring about advances into the industry.
Urban Agriculture, Protected Agriculture, Terrace or Vertical Gardening, Poultry and domestication of small animals, Value Edition, Agroforestry, and Planting Nurseries are expected to be established with the aid of technology, and all individuals interested in the aforementioned fields would be given higher priority.
The establishment of Bank loans and Credit Schemes for the members in the agriculture industry was one of the 100 campaign promises made by the current presidency.
The Ministry of Agriculture stated that the possible expansion in the field of farming and opening up opportunities for investment was a crucial reason for establishing this program.
Further information regarding the loan scheme would be available at the SME Bank and the Ministry of Agriculture.