President Ibrahim Mohamed Solih has revealed a portion of the loans issued from SME bank will be allocated for women, youth and people with special needs. President Solih made the remarks at the ceremony held to inaugurate SME Development Finance Corporation Private Limited (SDFC).
Addressing the function, the president expressed hope introduction of SME bank will introduce more youth entrepreneurs willing to do businesses of their own. Noting a portion of the loans are allocated for women, youth and people with special needs, the president revealed the loan scheme will assist over two third of the country.
Moreover, the president expressed certified economic officers will be placed in island councils to assist in starting up businesses. He reiterated the current administration will not just issue a loan citing to empower people, but rather assist in starting their businesses.
Furthermore, President Solih revealed a special award will be introduced to further encourage small and medium sized enterprises.