President Dr. Mohamed Muizzu has announced the intention to introduce a USD6.5 million loan facility. He made the announcement at the closing ceremony of the SIDS Global Business Network (GBN) Forum 2024, held in Antigua and Barbuda.
During the speech, President Dr. Muizzu underscored three pivotal points. As such, he emphasised the need to promote the micro, small, and medium enterprises, along with young entrepreneurs, advocating for facilitated investments to support their growth.
Addressing the global audience, the President highlighted the rapidly changing environmental conditions impacting small island developing countries. He called for heightened support and cooperation to help these private enterprises navigate the unpredictable challenges they face.
A key highlight of the President's address was the priority placed on inclusion and empowerment. He stressed that achieving development goals requires collaboration, especially in geographically remote areas like small island developing states. From infrastructure development to disaster risk reduction, unified efforts are crucial. The USD 6.5 million loan facility is aimed to empower women entrepreneurs, with a noteworthy provision that 25% of the funds will be reserved for women with disabilities.
The President also emphasised the importance of fostering relationships and facilitating experience sharing. He urged banks, international agencies, and other financial institutions to ensure that lack of access to financial assistance does not hinder the promising future of any individual or business. He further called for a strategic, responsible, and forward-thinking approach to financial assistance, tailored to the needs of private enterprises and small businesses in small island developing countries.
In conclusion, the President stated that the collective efforts of the governments of SIDS countries and the private sector are vital to achieving a brighter future. He called for the private sector to be at the forefront of these efforts, driving sustainable development and prosperity for all.
The SIDS GBN Forum 2024 was organised by the Office of the High Representative for the Least Developed Countries, Landlocked Developing Countries, and Small Island Developing States (OHRLLS).