SME Development Finance Corporation has announced that they have decided to extend the loan and interest repayment on SME loans for 6 months.
They have stated that this decision was taken after taking account of the toll COVID-19 has caused to the economy of the Maldives, thus to help SMEs repay the loan in this difficult time.
They further added that they have also reduced the interest rate to 4% for the 6 month period.
Economic Minister Fayyaz has also stated that they are planning to reduce the interest rates and to ease the loan repayment conditions amid the spread of COVID-19 pandemic in the Maldives.
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