A record number of loans will be given to private businesses in Maldives this year. So far the most number of loans were given in 2015. However, government is trying to give even more loans this year.
In addition to the loans given to small and medium enterprises by the government directly, the banks are also giving loans to SMEs with government bank guarantee. The first 50 million Rufiyaa of these loans will be issues after the Eid holidays. Finance Ministry jas signed with an agreement with the Bank of Maldives to issue these loans prior to Eid.
Economic Minister Mohamed Saeed said that the aim of the government is to stimulate the economy by providing loans to small and medium enterprises. He said that this will create more jobs and thousands of youth will join the workforce.
Providing more Loans to the SMEs proves the ifrowing economy of the Country.