President announces special award to SMEs

President Ibrahim Mohamed Solih has announced the State will be honoring small and medium enterprises which produce exemplary performance will a special award.

Solih made the announcement during the inauguration of the SME Development Finance Corporation (SDFC) this Monday morning.

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

Speaking at the inauguration of SDFC this Monday, Solih announced the institute will issue loans to SME’s engaged in four main businesses; local tourism, agriculture, fisheries, and information technology.

Solih said the SDFC will issue the loans at a low interest rate, and pledged to further reduce the interest rate in the future.

“And as we facilitate this opportunity, we have decided to award recognition to the enterprises which make use of this opportunity. We have decided to award small and medium enterprises – with special focus on the new policy to promote and encourage innovative Maldivian products,” said Solih.

He said that the SDFC, in addition to issuing loans, will also assist SMEs prepare business proposals and support SME’s with technical assistance.

“This administration will not just stop at just issuing loan money in the name of empowering our citizens. This administration will hold our citizens’ hands and guide them toward the economic prosperity they desire,” said Solih.

He stressed that the development and sustainability of SMEs was vital for national economic development.

Solih said the administration planned on training economic officers at each island council, and asked for cooperation from citizens of islands for State projects designed to develop local communities.

He also announced that a lot has been allocated from the duty free zone at Velana International Airport to market and sell authentic Maldivian products.

Business Center Corporation of Ministry of Economic Development has been tasked with facilitating sale of products by SMEs and other commercial products at the airport.