The Fisheries Ministry had conferred loans of MVR 48 million to fisheries and agricultural corporations in order to bolster the value-added process of production.
A statement publicizing the Fisheries Ministry’s agenda to diversify said industries said that a considerable amount has been invested into marketing products in a manner more accessible to the youth.
As part of the agenda, the Fisheries Ministry had extended its aid scheme with the International Fund for Agricultural Development (IFAD), a United Nations initiative.
Minister @mshainee convinced IFAD President, HEP Yameen's policy is in line with IFAD Policy n FADIPs success has lead to project extension. pic.twitter.com/MtAML5jub0
— FishAgri (@FishAgri) June 28, 2017
The IFAD scheme was extended until March, 2018. The IFAD scheme was used to finance the Fisheries And Agricultural Diversification Programme (FADIP) – a loan scheme – that the Ministry has used to invest in diversification of value-added fisheries and agriculture.
FADIP loan scheme of MVR 6.9 million were given to 48 beneficiaries last year. 62% beneficiaries are women. pic.twitter.com/lsSUr5SoFu
— FishAgri (@FishAgri) June 28, 2017
The programme has reportedly given MVR 25 million to corporative societies in the past three years, in addition to enabling eight of these societies to introduce a total of 30 new products into the local market.
