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SME Bank to bring revolutionary changes to the economy

Former Governor of Maldives Monetary Authority (MMA) Fazeel Najeeb has said the SME Bank established by the government would bring revolutionary changes to the economy of the country.

Speaking to PSM News about the newly formed SME Development Finance Corporation Private Limited (SDFC), the former governor of the central bank highlighted small and medium sized enterprises (SMEs) are vital component of the economy, adding the establishment of a SME Bank would further enhance the economy.

Fazeel Najeeb said the SME Bank would provide funds for much marginalised SMEs and in turn boost such entities. Noting SME Bank would be exclusively providing funds for SMEs, he said the lower interest rates and security rates and easily attainable funds would pave for SMEs to flourish within the economy.

The loans will be partitioned into four categories including island tourism, farming and manufacturing, information technology and fisheries, according to SDFC.