The Government has initiated a MVR 30 million loan scheme targeted to small and medium enterprises.
The loan scheme was introduced Sunday night in a ceremony held in Dharubaaruge by Vice President Ahmed Adeeb Abdul Ghafoor. The program is run with the assistance of Islamic Development Bank and the Islamic Banking wing of Bank of Maldives.
In the first phase of the loan scheme MVR 30,840,000 is to be released.
The loans will be leased to tourism business, travel business, construction sector, fisheries and agriculture sector. Forty percent of the loans will be spent on businesses involving women and youth. Existing Small businesses will receive MVR 100,000 and MVR 500,000 as loans and mid-sized businesses will receive MVR 1,000,000. Newly established small and mid-sized businesses will receive MVR 300,000 as loans. Taxi owners wishing to renew their taxis can receiver MVR 350,000.
Application forms for the loan will be received from 18th to 28th of October. Economic Minister Mohamed Saeed stated that business owners have to take risks and that the Ministry will provide business information to new business owners.
Thirty million Rufiyaa loan scheme introduced
