His Excellency Vice President Uz Hussain Mohamed Latheef on Wednesday highlighted the vital role of Micro, Small and Medium Enterprises (MSMEs) in fostering a resilient and inclusive economy, during the Maldives Side Event titled “Empowering MSMEs in SIDS through Grants: Lessons from the Maldives Experience”, held on the sidelines of the Fourth International Conference on Financing for Development (FfD4).
In his remarks, the Vice President outlined the Government’s various initiatives aimed at empowering MSMEs, which account for 90 per cent of all registered businesses in the Maldives. These efforts include the Creative Economy Strategic Action Plan, which seeks to expand opportunities through increased access to financing, provision of collaborative workspaces, and improved market access. The plan also focuses on equipping MSMEs with the necessary skills, training, knowledge, financing mechanisms, and legal frameworks.
The Vice President further noted the Government’s prioritisation of women- and youth-led enterprises, particularly in island communities. He highlighted the recent launch of the second phase of the Fashaa Madhadhu Loan, a scheme designed to support women entrepreneurs, with 25 per cent of funds earmarked for women with disabilities. He also emphasised the Government’s commitment to enhancing MSME growth through the expansion of banking services nationwide, improved transport infrastructure, and the strengthening of digital connectivity.
The Vice President is currently in Spain attending the FfD4 conference, taking place from June 30 to July 3, 2025 in Seville.
