Minister of Economic Development Fayyaz Ismail has revealed SME Development Finance Corporation Private Limited (SDFC) will launch a loan scheme worth USD 13 million to assist in developing local tourism in Maldives.
Economic Minister Fayyaz highlighted the administrations holds utmost priority in developing local tourism in the north and the south of the country. In this regard, the minister said plans are made to increase resorts and guesthouses in Addu City and Fuvahmulah City, in the south of Maldives, as part of the efforts to increase the bed capacity in the region. He expressed USD 6.5 million would be provided by the SME Bank to assist the efforts to develop local tourism in the area.
Furthermore, Minister Fayyaz also revealed a further USD 6.5 million would be provided to develop local tourism in the north of the country. He said in the north, loans would be provided to develop local tourism in a radius covered by a 20-minute speed boat ride from Hanimaadhoo International Airport.
Although SME Bank is to launch a scheme for local tourism, the bank has already been providing loans for local tourism projects.