The programme, which is a first of its kind, will see the Ministry of Agriculture make a 20% equity contribution towards the loan package from financial institutions for farmers, producers and processors who wish to invest and grow their agricultural ventures.

Minister for Agriculture, Waterways and Environment Hon. Dr Mahendra Reddy made the announcement today at the Ministry of Agriculture headquarters in Raiwaqa, highlighting that there would be 9 categories under this programme.

“This programme, the first of its kind, is with a funding of $500,000, and lays the foundations for 30 recipients to take that step onto the next platform of commercialization.

“The minimum equity contribution would be $2,500 by the Ministry, to a maximum of $50,000. This would mean a minimum loan/liability on farmers of $10,000, to a maximum of $200,000 per recipient through the financial institution,” said Hon. Reddy.

The Commercial Farmers Equity Package by category is as;

·         Category 1 – MoA Equity Contribution - $2,500 per package (No. of packages – 6)

·         Category 2 – MoA Equity Contribution - $5,000 per package (No. of packages – 5)

·         Category 3 – MoA Equity Contribution - $10,000 per package (No. of packages – 4)

·         Category 4 – MoA Equity Contribution - $15,000 per package (No. of packages – 3)

·         Category 5 – MoA Equity Contribution - $20,000 per package (No. of packages – 3)

·         Category 6 – MoA Equity Contribution - $25,000 per package (No. of packages – 3)

·         Category 7 – MoA Equity Contribution - $30,000 per package (No. of packages – 2)

·         Category 8 – MoA Equity Contribution - $40,000 per package (No. of packages – 2)

·         Category 9 – MoA Equity Contribution - $50,000 per package (No. of packages – 2)

Interested applicants must meet the following criteria:

1.       Demonstrated ability to repay the loan.

2.       Should be in commercial farming with one year experience or one successful production cycle.

3.       Demonstrated existence of other sources of income that could be used in repayment of the loan in case of crop failure, loss of harvest and/or poor marketing due to adverse weather and/or any other factors.

4.       Provide documentary evidence of ownership of the farm to be used for production or a valid lease agreement covering at least two future production cycles.

“I urge all who are capable of being a part of this programme to grab this opportunity with both hands,” said Hon. Reddy.