Funding applications under the second phase of agricultural development to commence on Monday

Applications for funds under a loan scheme amounting to MRF 12.1 million, under the second phase of Agricultural Development Programme, would be open for acceptance starting from Monday. 

Under the second phase of the Programme, the maximum amount eligible for an individual applicant is MRF 50,000.00. The maximum ceiling for registered co-operatives who are active in the field of Agriculture is MRF 500,000.00.

Those who were successful in obtaining islands for agriculture, on a long term basis would be entitled to a maximum of MRF 300,000.00. Registered companies and community based associations are eligible for a maximum of MRF 100,000.00 under this funding scheme.

The procedures and rules applicants need to adhere when applying for funding under the Scheme, together with the Application Forms would be available for collection starting from 6th of this month, during the official working hours at the Ministry of Agriculture, at the Bank of Maldives Development Banking Shell and from the branches in the outer islands. The period for applications to be lodged is two months.