Ministry of Finance has declared only Small and Medium Enterprises (SMEs) would be eligible to bid for projects worth below USD 161,873.
The finance ministry made the decision to comply with the policies of President Ibrahim Mohamed Solih to provide opportunities for SMEs to develop. The decision was made at a cabinet meeting held on June 12.
Following the decision, projects opened for bid by government offices, state=owned enterprises and independent institutions must prioritise SMEs if the projects are worth below USD 161,873. As part of the efforts to assist the development of SMEs, the administration has also decided to amend government procurement and duty slash policies.
SMEs share 70 percent in the economy of Maldives. The administration has inaugurated SME Development Finance Corporation (SDFC) to provide assistance to further develop SMEs in Maldives.