SME Development Finance Corporation Pvt Ltd has been issued the Financing Business License required to conduct financing businesses in Maldives.
The SME Development company is 100% owned by the government with 5% shares of Addu City, Fuvahmulah City and Male City. After the commencement of business by this company in Maldives, it will make it more convenient to small and middle businesses to get loans as per Maldives Monetary Authority (MMA). MMA also stated that it will increase the competition in the finance industry.
“SME loans were not approved simply just for the running of shops around the corner.,” explained the former Minister of Finance, Mr. Ahmed Inaz, as part of the many expert opinions on SME Bank. “It was approved to expand the economy of Maldives along with the expansion of SME.”