President Ibrahim Mohamed Solih has revealed the government distributed USD48 million in loans to 741 small and medium enterprises (SMEs). He made the remarks in his Presidential Address to the Parliament of the Maldives.
Delivering the address, President Solih said the loans were distributed to 741 businesses in 144 islands by the SME Development Finance Corporation (SDFC). He said the establishment of SDFC was the government's first step towards assisting small and medium-sized businesses.
Furthermore, President Solih emphasised the government's bold plan to boost agriculture to achieve economic diversification and said USD1 million in loans had been disbursed through SDFC to farmers. He also highlighted that the government established Agro National Corporation Limited (AgroNAT), a state-owned enterprise tasked with assisting the development of the agricultural sector. He added the government will impose import duties on foreign products that can be produced in the country, providing farmers with a better local market for their produce.
Additionally, President Solih revealed plans to establish an international payment gateway to help talented youth and local entrepreneurs overcome obstacles. He said 25% of the loans distributed through SDFC are for women, youth, and people with disabilities.