Loan programme announced for producers of agriculture and fish products

Licensed producers of commodities from the agricultural fisheries sector are to be given financial assistance as loans, the government has announced.

According to an announcement made on the Ministry of Fisheries and Agriculture website today (January 5), the loans will be given under the ‘Fisheries and agriculture Diversification Programme’ and will have an interest rate of 9 percent.

The maximum amount loaned to one single party will not exceed MVR400,000 (US$25,940) and the minimum amount is MVR25,000 (US$1,621) the ministry explained.

The loan programme, funded by the International Fund for Agricultural Development (IFAD), will give special consideration to women entrepreneurs, companies involved in adding value to fish, and parties who are currently not financially indebted.

The loan applications are open from today until the end of January, and will require applicants to propose a business plan along with other relevant application forms and documents.