Pres Solih inaugurates SME bank

The first bank targeted for small and medium enterprises was inaugurated by President Ibrahim Mohamed Solih on Monday.

The SME bank, run by 100% state-owned SME Financing and Development Corporation, is among President Solih's pledges to be achieved within the first 100 days of administration. With a capital of 150 million Maldivian Rufiya, the minimum capital required to open a bank in Maldives, the bank was inaugurated with four products.

While the banks shares are 100 percent government owned, 5 percent shares each have been allocated to all the councils of Male’ City, Fuvahmulak City and Addu City.

According to officials the bank will provide loans to middle-class businesses after proposals are tendered. The bank is situated at the 3rd floor of Sakeenaa Manzil, Henveyru.