President Ibrahim Mohamed Solih has revealed, SME Bank shall begin issuing loans, next week.
Addressing a campaign gathering at Keyodhoo in Vaavu Atoll, President Solih stated, the government must enable opportunities for residents of islands to generate income while at the respective islands. The president spoke on the efforts of the government to improve the country's economy.
In this regard, President Solih highlighted the importance of having an SME bank in the country. Recently, Maldives Monetary Authority (MMA) granted license to establish a bank which would cater, specifically for Small and Medium-sized Enterprises (SMEs).
MMA said, it has issued financing business license to SME Development Finance Corporation Private Limited. SME Development Finance Corporation Private Limited is a 100 percent state-owned company which comprises of 5 percent share for city councils of Male', Addu and Fuvahmulah.