Minister of Economic Development Mohamed Saeed has revealed the government has issued almost USD 40 million as part of different loan schemes for small and medium sized businesses in Maldives.
Addressing the ceremony held to launch a new loan scheme, Economic Minister Mohamed Saeed stated the government has achieved a lot in terms of economic development, adding such achievements have benefitted the small and medium sized businesses. The economic minister further expressed the current government has done more than any other administration to enhance youth participation in the economy.
Noting the government has spent almost USD 40 million to develop small and medium sized businesses in Maldives, the minister said various loan schemes were conducted with the assistance of international financial institutions such as Asian Development Bank (ADB) and Islamic Development Bank (IDB).
Moreover, the economic minister said one important decision of the government was to specify areas where foreigner parties must not operate in Maldives. In this regard, Minister Saeed added the government has prohibited foreigner parties from working in photography, water sports, event management, entertainment production and other creative fields, which are widely pursued by Maldivian youth.
Meanwhile, a further two loan schemes were launched by Economic Minister Mohamed Saeed at a ceremony held at Public Service Media (PSM). Faseyha Madhadhu Phase Two and Innovative Finance Scheme is a programme jointly conducted by IDB, economic ministry, BML Islamic and PSM under Islamic financing principles. In this regard, a budget of nearly USD 5 million is allocated for Faseyha Madhadhu Phase Two, while a budget of over USD 500,000 is allocated for Innovative Finance Scheme.