Business

MMA launches SME Credit Guarantee Scheme

Maldives Monetary Authority (MMA) on Sunday launched a credit guarantee scheme for small and medium-sized enterprises.

The Central Bank said it has set up a fund to provide credit to SMEs under the Small and Medium-sized Enterprises Act, along with a guarantee scheme for loans obtained from commercial banks.

To inaugurate the scheme, MMA on Sunday signed a Memorandum of Understanding with Bank of Maldives Plc. (BML) and Maldives Islamic Bank Pvt. Ltd. (MIB).

According to the Central Bank, the scheme would cater for investments in tourism, fisheries, agriculture, construction, transportation, informational technology and manufacturing sectors.

The scheme, with a borrowing ceiling of between MVR100,000 and MVR1 million, has a repayment period of 5 years.