The Government has announced the allocation of MVR 500 million in loans for small and medium-sized enterprises (SMEs) in 2026, aimed at fostering growth and enhancing their role in the national economy.
The initiative aligns with President Dr Mohamed Muizzu's declaration of 2026 as the Year of Innovation, designed to establish benchmarks for economic production across government ministries while promoting entrepreneurship and business development.
Minister of Economic Development and Trade Mohamed Saeed highlighted the administration's ongoing support for the sector. Since President Muizzu took office, 590 SMEs have benefited from 340 projects through SME Digital, accessing loans exceeding MVR 1 million. Additionally, the Ministry of Finance has disbursed MVR 13 billion to local vendors, including MVR 5 billion directed specifically to SMEs.
Minister Saeed noted that new policies are being formulated to stimulate economic activity on reclaimed land and encourage SME expansion in regional areas. The upcoming loan programme via SME Digital is anticipated to provide critical financing for business expansion, infrastructure development, and productivity enhancements.