Maldives Fund Management Corporation (MFMC) has disbursed over MVR 13 million to small-scale tourism businesses under a European Union grant.
MFMC said it received applications from 443 businesses to receive funds under the grant scheme. So far, MVR 13.1 million has been distributed to 346 beneficiaries, the corporation said.
The opportunity to submit applications for the grant is open until August this year.
MFMC first opened the opportunity to apply for funding from the €2 million grant given under the "EU Support for a Resilient Recovery of SME Tourism Industry in the Maldives" scheme on December 15, 2021. From this amount, €1.4 million was allocated for small businesses.
The project aims to enable small and medium enterprises operating in the tourism industry in the Maldives, especially guesthouses and safaris, to overcome the challenges it faces.
