MFMC launches MVR 20 million fund for innovative SMEs, startups

Economic Minister Fayyaz Ismail. (Sun Photo)

Maldives Fund Management Corporation (MFMC), on Saturday, launched a fund to support innovative startups and small and medium enterprises.

The new fund, the SME Innovation Fund, was launched in a ceremony on Saturday night by Economic Minister Fayyaz Ismail.

According to MFMC, the fund will offer MVR 20 million as equity investments for innovative startups and SMEs, and is aimed at fostering a culture of innovation in Maldives.

“Technology is needed to support many of the things our society requires. Among these areas, I would like to highlight on the need for innovative technology in the area of arts and culture; to promote arts and culture, and protect and improve the viability of our traditions and historical artefacts,” said Fayyaz, during Saturday’s ceremony.

The SME Innovation Fund, in addition to supporting innovative startups and SMEs operating in the area of arts and culture, will also support businesses which operate in additional areas such as information communications technology, health, agriculture, and environmental protection.

MFMC has announced plans to launch additional funds to support businesses involved in tourism development, infrastructure development, and renewable energy.