President Ibrahim Mohamed Solih has revealed the government has decided to create a financing company, SME Financing and Development Corporation (SFDC), as part of the administration's policy on promoting local tourism in the Maldives.
Speaking at the ceremony held to conclude Guesthouse Symposium 2018, President Solih underlined SFDC would be first established as a financial institute which does not take deposits but would be transformed to a depository company midway of the company operations. Furthermore, the president added the company will start issuing loans in February 2019.
Moreover, President Solih emphasised SFDC will be the first of its kind in the Maldives with the shares held by the government and the city councils. The bank would contribute in generating more wealth and ensuring economical sustainability of the Maldivian people, according to the president.