President opens first SME bank in Maldives

President Ibrahim Mohamed Solih on Monday launched the services of the first bank dedicated to small and medium-sized enterprises in the Maldives.

The bank will allocate a portion of lending for youth entrepreneurs, women, and persons with disabilities, whose “participation  in national development have so far been marginalised,” Solih said at the launching ceremony.

“Therefore, SME loans will help more than two-thirds of people in the country,” he added.

Noting the high representation of women in farming, Solih expressed hope that the bank’s agriculture loan scheme would help increase local produce and improve quality.