Bank of Maldives has signed an agreement with the Finance Ministry to finance the 50 million Rufiyaa loan scheme of the government targeted for small and medium enterprises.
The agreement was signed at a ceremony held at senako lounge. Finance Minister Ahmed Munavvar signed on behalf of the ministry while Andrew Hilly the CEO of BML signed on behalf of BML.
Speaking at the ceremony the Economic Minister Saeed said that because of this agreement, those who applied for the SME loans will get it after Eid holidays. “take this as an Eid gift by the government” said Saeed.
Saeed also said that this time the loan will be given at a minimal interest rate because President Yameen made it a priority to reduce the interest rate. He further said that the loans will be given without any collateral and with a guarantee from the government.
“Members of the opposition complain because we do this but I want to say that the first 38 people who got these loans are now doing well on their own” said Saeed.
Minister Saeed further said that the economy of the country can be developed based on how much the government is able to provide economic opportunities to the youth and on how much they are able to make use of it.