Maldives to launch SME bank on Mon

The SME Development Finance Corporation Private Limited has decided to launch its services on Monday.

The SME Bank services will be launched by President Ibrahim Mohamed Solih at the National Art Gallery.

The SME Bank services is among the 100 day pledges made by President Solih following his swearing in November last year.

The company will be a hundred percent Maldivian company owned by the government and the city councils of Male’, Addu city and Fuvahmulah city will be allocated shares of five percent each.

The Maldives Monetary Authority (MMA) stated that after the company’s business begins, the next step would be to make loans available to small businesses already playing an important role in the Maldivian economy.