Central bank - Maldives Monetary Authority (MMA) - has issued a total of MVR 24 million in an effort to boost diversity and inception of small and medium businesses in the local economic.
Managing Director of Business Center Corporation (BCC) Ahmed Mumthaz confirmed that MMA had issued the aforementioned amount to a total of 43 individuals - during a press conference by Economic Ministry held on Wednesday.
The Small and Medium (SME) Credit Guarantee scheme prioritizes start-ups and ventures falling into tourism, fisheries, agriculture and construction industries. The scheme issues loans starting from MVR 100,000 to a million based on scope and capacity of the venture.
A low interest rate infused Credit Guarantee scheme for micro businesses, with initial capital amounting to MVR 50 million which has since been increased to MVR 100 million.
