President Ibrahim Mohamed Solih has officially inaugurated SME Development Finance Corporation Private Limited (SDFC).
This is the first ever financial institution opened in Maldives especially for Small and Medium sized Enterprises (SMEs). SDFC was formed as a 100% state-owned company which comprises of 5% share for city councils of Male', Addu and Fuvahmulah.
Addressing the ceremony held to launch the SME bank, President Solih highlighted the contribution of SMEs to the economy of Maldives. Loans from SDFC will be issued for youth entrepreneurs, women entrepreneurs and people with special needs. The loans are partitioned into four categories including island tourism, farming and manufacturing, information technology and fisheries.
In this regard, SDFC has opened application for loans from four categories, which includes, Rashu Fathuru Loan Scheme, Viyafaari Ehee Loan Scheme, Haru Mudhaa Loan Scheme and Dhanduveri Nafaa Loan Scheme.
Managing Director of SDFC Ahmed Zeenaad said more loan products will be introduced in the near future. More information will be available on the loan schemes from its website, according to SDFC.