President Abdulla Yameen Abdul Gayoom has launched the SME Loan Scheme, a Government loan scheme of fifty million rufiyaa, for provision of financial assistance to micro, small, and medium enterprises. The loan scheme will be administered by the Ministry of Economic Development.
The President launched the scheme this evening, at the interactive session Economic Dialogue with the President, held for Maldivian youth and graduate students, on the Government’s economic policy, and different development projects being carried out by the Government.
Any micro, small, or medium enterprise with 100% Maldivian shareholders is eligible for the SME loan scheme. All registered businesses are categorised in to micro, small or medium levels in accordance with the Small and Medium Enterprises Act. In awarding SME loans, the highest priority will be given to women and youth entrepreneurs, and businesses owned by women and youth. Other priority areas include import substitution and export businesses.
Speaking at the session held this evening, initiated by the Ministry of Economic Development, President Yameen underscored the importance given by the Government to provide State aid and Government assistance to women and youth, despite the many financial challenges being faced. He noted that the Government’s Economic policy would result in the creation of more employment and social opportunities for youth.
In his speech, President Yameen urged the youth to be more proactive and attentive in their performance. He also invited all Maldivian youth to join the Government’s team in attaining the Government’s developmental aspirations.
