MMA to hold info. sessions on SME credit scheme

Maldives Monetary Authority (MMA) on Monday decided to hold information sessions on the recently launched credit guarantee scheme for small and medium-sized enterprises.

The Central Bank said the session will be held on August 24, and registration is now open.

The fund was set up to provide credit to SMEs under the SME Act, along with a guarantee scheme for loans obtained from commercial banks.

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.