Minister of Economic Development Fayyaz Ismail has revealed over USD 20 million has been issued to Small and Medium Enterprises (SMEs) as loans since the beginning of the COVID-19 pandemic last year.
Speaking at a webinar held on the occasion of SME Day, Economic Minister Fayyaz said the government has undertaken several efforts to establish a conducive business environment for SMEs. Noting the COVID-19 pandemic had the biggest toll on SMEs, the economic minister said one of the main priorities of the government since the beginning of the pandemic has been to support and assist SMEs. As such, he noted over USD 20 million has been issued as relief loans to about 2,000 SMEs in the past one and half years.
Speaking further, Economic Minister Fayyaz noted the Business Center Corporation (BCC), operated under the economic ministry, has broadened its operations to 4 additional regions across the country. The minister stated BCC is assisting local SMEs operating in these regions through different platforms.
The government has been assisting SMEs affected by the COVID-19 pandemic through relief loans issued by the SME Development Finance Corporation (SDFC). The government is also assisting larger businesses through loans issued by Bank of Maldives (BML).