President Ibrahim Mohamed Solih has revealed a Small and Medium Sized Enterprises Bank (SME Bank) will begin functioning in March.
During the gathering held by Maldivian Democratic Party (MDP) to launch the election campaign, President Solih stated the bank especially established for small and medium-sized enterprises (SMEs) will be opened within March. It is a pledge of the administration to establish a bank especially for SMEs.
Speaking to PSM News, Economic Minister Fayyaz Ismail stated the main aim of the current administration is to empower SMEs. The minister noted challenges are faced for individuals in attaining loans for small businesses via the existing banks.
The SME bank will be established under the laws and regulations of Maldives Monetary Authority (MMA), according to the economic minister.