President Ibrahim Mohamed Solih has revealed the allocation of an additional USD 29 million to be disbursed as loans for small and medium sized enterprises (SMEs) via the SME Development Finance Corporation (SDFC). The president made the remarks while delivering the presidential address at the Parliament of Maldives.
Delivering the address, President Solih said 301 SMEs received a total of USD 21.7 million in financial assistance through the newly established SDFC in 2019. Establishing a bank especially for SMEs was included in the 100-day pledges of the administration.
Furthermore, President Solih said an SME Innovation Fund has been launched as the first product of Fund Management Corporation (FMC). The president noted the fund is aimed at enhancing the viability of business ideas shared by young entrepreneurs to help them establish partnerships to engage in business. He acknowledged it is the first-ever initiative to give a start for young people in business.