Maldives Minister of Tourism Ibrahim Faisal has announced plans to provide low-interest loans aimed at helping young Maldivians enter the tourism industry. Speaking during the 10th-anniversary celebration of tourism in Fuvahmulah City, Faisal highlighted that financial challenges remain a significant barrier for young people hoping to pursue careers in this sector.
Faisal revealed that the Ministry of Tourism is working closely with local banks to lower the interest rates on loans. Additionally, he disclosed that a meeting has been held with the International Finance Corporation (IFC), part of the World Bank, to establish a tourism development fund with reduced interest rates, expected to launch by mid-2024.
“The main hurdle for youth in the Maldives is financial access,” said Faisal. “This initiative will remove a major obstacle and encourage the next generation to contribute to and benefit from our growing tourism sector.”
In a bid to further strengthen local tourism, Faisal announced the creation of a new department within the Ministry of Tourism, dedicated to promoting tourism at the island level. He stressed the importance of accelerating the ministry’s services and focusing on domestic tourism as a pathway to long-term success.
Faisal also pointed to the Maldives’ status as a leading global dive destination, confirming that the Diving Act, passed in 1991, will undergo revisions to better align with contemporary needs and industry standards.
The event also honoured local guesthouse owners and dive centre operators with the “Fuvahmulah Tourism Award 2024” for their contributions to the sector. Tourism in Fuvahmulah began with the opening of Vilaxa Retreat in 2013, and the city is now considered a growing hub for local and international visitors.
