Maldives Monetary Authority (MMA) has granted license to establish bank for Small and Medium-sized Enterprises (SMEs). MMA said it has issued financing business license to SME Development Finance Corporation Private Limited.
SME Development Finance Corporation Private Limited is a 100% state-owned company which comprises of 5% share for city councils of Male', Addu and Fuvahmulah.
Speaking to PSM News, Minister of Economic Development Fayyaz Ismail stated the main aim of the administration is to empower SMEs, noting challenges are faced for individuals in attaining loans for small businesses via the existing banks.
The administration aims to solve financing issues for SMEs via the SME Bank.
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