President Dr Mohamed Muizzu has launched the Youth Entrepreneurship Financing Facility, a dedicated initiative aimed at supporting young entrepreneurs in establishing new businesses.
The Facility was launched this morning during the opening ceremony of the Youth Entrepreneurs Expo 2026, held at Barceló Nasandhura. Developed jointly by the Bank of Maldives (BML) and SME Digital Private Limited, the financing facility is designed to provide young Maldivians with greater access to funding to establish small and medium-sized enterprises (SMEs) and transform innovative ideas into sustainable businesses.
The facility enables eligible applicants aged between 18 and 30 to access financing of up to MVR 150,000 without the need for collateral or equity. It is intended to support aspiring entrepreneurs and freelancers in securing the capital required to establish or expand their businesses.
During the ceremony, the President also inaugurated seven new BML branches in HA. Hoarafushi, Sh. Kanditheemu, R. Alifushi, Lh. Hinnavaru, ADh. Maamigili, GA. Gemanafushi and L. Maavah. With these additions, the bank now operates 55 branches across all 20 atolls, including 17 branches established over the past two years, further strengthening access to banking services nationwide.
The ceremony also marked the launch of international account opening through Swipe, a fully Maldivian digital innovation. Introduced by BML Chairperson Mr Ahmed Ali Habeeb, the new service enables customers to open accounts in US dollars, Pound Sterling and Euros.
The Government continues to prioritise youth empowerment and economic diversification. In this regard, the President reaffirmed the Administration's goal of increasing the digital economy's contribution to 15 per cent of the Maldives' Gross Domestic Product (GDP) by 2030, highlighting the vital role of young people in achieving this target.
