The Ministry of Economic Development to Establish a SME Bank in Maldives


Maldives
PUBLISHED December 17, 2018

The Minister of Economic Development, Honourable Fayyaz Ismail has announced that efforts are being taken to establish a Small and Medium Enterprise (SME) Bank which will arrange a more convenient way for businesses to obtain loans.

Highlighting that SMEs face lot of difficulties in attaining loans via the existing banks, the minister revealed that the current government aims to develop and empower SMEs, therefore, an SME Bank will be opened soon in accordance to the regulations of Maldives Monetary Authority (MMA) to help such enterprises flourish.

He further stated that the SME bank will be established latest by the end of January.

The government has set several targets to develop the businesses in the Maldives within the first 100 days of the administration which also involve the establishment of an SME Bank specialised for SMEs.
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