Over MVR 14 million has been provided to 379 beneficiaries under the grant assistance by the European Union (EU) for small-scale tourism businesses.
Maldives Fund Management Corporation (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.
MFMC said the corporation has so far disbursed a total of MVR 14.2 million in free aid to 379 eligible applicants. MFMC has now reopened application for applications for the EU aid program until February 28 next year.
According to the grant policies, the applicant must have a valid operating license for tourism and operate less than 40 beds. The aid will be calculated at MVR 2,453.76 per bed. When the relevant documents are properly submitted along with the application, the funds will be deposited within 14 days of application.
