Govt introduces Creative Economy Fund with up to MVR 100 M financing

The government on Tuesday evening has introduced the Creative Economy Fund, providing funding up to MVR 100 million to women entrepreneurs.

Minister of Economic Development and Trade Mohamed Saeed unveiled the new fund at a special ceremony held at Dharubaaruge.

Applications will be open from October 10 onward, with applicants eligible to funding between MVR 50,000 to MVR 300,000 to start their ventures. For start-ups, applicants may seek loans up to MVR 100 million as well.

The debut year of the fund focuses on providing financial assistance to film and music production ventures, arts and crafts, and content creation while other fields will be added to the fund’s coverage areas in the coming years.

While speaking at the ceremony, Saeed highlighted the financial detriments of the state at the current administration took charge, but added President Dr. Mohamed Muizzu does not accept idle movement of arts and creative talents of youths.

Saeed also said president Muizzu strongly advocated towards the establishment of creator and digital economies tied to the manifesto, at the cabinet discussions.

“We envision strengthening and expanding the tourism industry, which is the most reliant economic sector,” Saeed said.

Introduction of a ‘Start-up Loan Scheme’ worth MVR 100 million for women entrepreneurs is a key pledge president Muizzu envisioned achieving within the first 100 days of his presidency.

President Muizzu had earlier announced plans to introduce an MVR 25 million grant scheme – through the Youth Ministry budget – to individuals and associations interested in creative upskilling. He further promised helping local artists in promoting and marketing their work for interested buyers.