Economic Ministry of Maldives has confirmed the government will be issuing MVR 190 million worth of loans for small and middle tier start-ups and ventures.
The Ministry's deputy minister Adam Thaufeeq said that a Sharia compile financing is issued to local start-ups and ventures every year, which will be once again granted in 2018.
"We are hoping to open doors for upcoming and new businesses with financing," Thaufeeq said, adding "we will be granting several loans to newcomer businesses this year."
He also noted that several fresh entrepreneurs have started their own ventures through the financial aid they received from the state.
Government initiated 'GetSet' loan scheme has proven to be successful between young businessmen in Maldives. First initiative saw 27 local businessmen starting up their venture through government loan while 30 new ventures received funding.
More than MVR 50 million has been issued in two separate intervals for local small and middle tier businesses since the current administration commenced.
