Small, medium business start-up loans reach MVR600 mln

Economic Minister on Monday confirmed the Maldives state has issued MVR600 million in loans to help with small and medium business startups.

Minister Mohamed Saeed claimed the island nation's state has provided with financial backup for several local ventures through the assistance of international financial bodies like Asian Development Bank (ADB) and Islamic Development Bank (IDB).

Economic Minister made the claim while speaking at the ceremony to initiate 'Faseyha Madhadhu' (Easy Help) loan scheme.

"This is the first time ever in Maldives the state is providing financial assistance at this level for small and medium ventures," Minister Saeed claimed.

Government has also deemed specific professional fields exclusive for local employers or businesses. Services such as photography, event management companies, water sports and entertainment production companies must employ locals according to the new regulations by Maldives state.

Economic Ministry has initiated several loan schemes to assist local venture startups under GETSET loan scheme and SME loan scheme.