President inaugurates SME Development Finance Corporation

President Ibrahim Mohamed Solih has inaugurated the SME Development Finance Corporation Private Limited.

The finance company, located on the third floor of H. Sakeena Manzil, was established by the State to facilitate loans to small and medium enterprises.

The company was inaugurated by President Solih this Monday morning.

SME Development Finance Corporation (SDFC) is 100 percent State-owned. City councils of Fuvahmulah City, Addu City and Male’ City each own a five percent stake at the company.

The Managing Director of SDFC is Ahmed Zinad.

The company was issued its license to operate as a financial institution on February 28.

A bank to develop SMEs was one of the current administration’s first 100-day goals.

Central bank, Maldives Monetary Authority (MMA) reports the SDFC is expected to develop SMEs which are vital for the economic development of Maldives, and increase the competition within the financial sector of the country.

SDFC will issue loans to SMEs engaged in manufacturing, local tourism, agriculture and fisheries, among others.