A loan scheme established to enable Maldivian youth to start small and medium-sized enterprises and turn innovative ideas into sustainable businesses has disbursed USD 18.74 million, President Dr Mohamed Muizzu announced.
The Youth Entrepreneurship Financing initiative, introduced last July, was disclosed by President Muizzu at the ruling People’s National Congress party congress. The administration maintains a dedicated focus on expanding commercial opportunities for small enterprises, the president noted, operating through a USD 64.85 million facility created in partnership between the Bank of Maldives and SME Digital. An initial allocation of USD 19.46 million drew 3,536 applications, with 2,081 applicants securing financing.
"At very low rates of interest," President Muizzu elaborated. "This is indeed a very accessible loan scheme. Loans have been disbursed to young people aged between 18 and 30. This is an initiative undertaken to empower youth. Our policy is to empower young people."
"Not everyone needs to work in government," the president declared, framing the capital as a vehicle to shift reliance from public sector payrolls while state-owned enterprises are rightsized.
Applications for the second round open on 1 November, with approximately 6,000 recipients projected upon full deployment. Eligible applicants and freelancers can secure up to USD 9,727.63 at a 7 per cent annual profit rate across a five-year tenure, with a six-month grace period. The Bank of Maldives evaluates applications within 24 hours, with SME Digital providing business guidance, mentorship, and training.