The government of the Maldives has revealed USD 10.4 million have been disbursed to companies in the tourism industry.
The government said a total of USD 1.02 billion have been disbursed to 815 companies as loans via SME Development Finance Corporation Private Limited (SDFC).
A majority of loans for businesses affected by the COVID-19 pandemic, issued through SDFC were provided for the companies in the tourism industry. As such, USD 10.4 million were disbursed to 116 businesses in the tourism sector.
The government has begun working towards empowering guesthouse businesses and local businesses in the tourism sector.
SDFC is the first-ever financial institution opened in the Maldives, especially for small and medium-sized enterprises (SMEs).
SDFC was formed as a 100% state-owned company.