Minister of Economic Development and Trade Mohamed Saeed has inaugurated the Creative Economy Fund. The fund was launched by the minister, at a special ceremony held at Dharubaaruge.
The fund, launched under President Dr. Mohamed Muizzu's policy of developing a creative economy, aims to provide financial assistance to innovative and skilled individuals. As such, Business Centre Corporation (BCC), leading the fund, announced that a financial assistance ranging from USD 3,242 - USD 19,455 to all individuals requesting for support. The funds will be provided to individuals working in four primary fields; film production, music production, the field of arts and crafts and digital content creation. BCC said that the opportunity to request for assistance will be opened from October 10 onwards.
BCC expressed confidence that the loan provided to individuals will assist them to overcome the challenges faced in the industries. It noted that the repayment of loans can be done conveniently as well. Furthermore, BCC stated that it will target freelancers and small and medium enterprises (SMEs), when financing projects.
In addition to the Creative Economy Fund, Minister Saeed also officiated the roadmap, which details the works of the creative economy for the next five years. The government disclosed that the roadmap was drafted such that it includes the 78 pledges outlined in the president's manifesto. The roadmap will focus on increasing the utilisation of technological equipment, enhancing the legislations to protect the rights of businesses and their products, while seeking trade opportunities within the nation and with foreign countries. It will also focus on building a sustainable and independent economy, prioritising culture and heritage.