The Ministry of Agriculture and Animal Welfare, and the SME Development Finance Corporation Pvt Ltd (SDFC) have signed an agreement to launch a grant scheme worth over MVR 15 million for farmers.

The agreement is a matching grant of MVR 15,188,700 to provide financial assistance to farmers under the Maldives Agribusiness Program (MAP), in collaboration with the International Fund for Agricultural Development (IFAD).

The scheme, titled ‘Agribusiness Matching Grant Programme’, is aimed at farmers and small and medium enterprises (SMEs) engaged in agriculture on 26 islands across the atolls of Haa Alifu (HA), Haa Dhaalu (HDh), and Shaviyani (Sh) where MAP activities are carried out, the ministry said in a statement.

“The grant is for farmers who want to install hydroponics systems in their greenhouses and applications will be announced at a later date,” according to the ministry.

The main objective of the project is to create interest and familiarity among farmers in the use of modern technology in farming.