Govt provides 187M in loans for businesses in one year

President Ibrahim Mohamed Solih at the ceremony to open the SME Bank. (Photo/President's Office)

The government has provided MVR 187 million in loans for businesses in its first year in office.

147 loans were provided for seven sectors up until September 27, according to the statistics published by the government.

Details of the loan arrangements

  • 2 loans for Agriculture: MVR 2.08 Million
  • 67 loans Businesses: MVR 60.36 Million
  • 5 loans for the Construction industry: MVR 10.21 Million
  • 17 loans for Fishing: MVR 23.56 Million
  • 1 loan for IT sector: MVR 998.400 Million
  • 13 loans for Innovation and Inventions: MVR 12.15 Million
  • 34 loans for Tourism: MVR 69.17 Million
  • 8 loans for the Transport sector: MVR 8.37 Million

Empowering small and medium businesses is a key pledge if the government. The government also introduced the SME Bank for this purpose within one year. The bank provides loans in four sectors with an interest rate of 4-6%. The state budget for next year also allocates a large amount for this purpose.