The United Nations Development Program (UNDP) and the Capital Market Development Authority (CMDA) have launched the Blue Economy Financing Facility (BEFF) in the Maldives to help small and medium businesses.
The CMDA said the facility, supported by the UK government, is designed to tackle challenges for businesses in fisheries, tourism, and maritime trade that focus on adding value and sustainability.
The facility will provide funds at affordable rates by guaranteeing part of the loan through banks, financial advisors, and service providers, reducing costs for these businesses, the authority said.
The CMDA also said the BEFF is a big step toward growing the role of the capital market in creating a strong financial system in the Maldives.
The authority will help the Maldives move to a “blue and inclusive” economy through sustainable investments, using banking and capital market opportunities.
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