President Solih states that a company by the name of SME Financing and Development Corporation will be established and that the government will have a share in it. This step is being taken as part of the policy to expand local tourism by the new administration.

In the event held at Dharubaaruge last night concluding the 2018 Guesthouse Symposium, President Solih assured that the current administration will aid in addressing financial difficulties faced in running guesthouses. He also stated that the industry will get the full cooperation and professional assistance of the government.

“The company will initially be established as a financial institute and will not be collecting deposit” said Solih. “This company will however be a depository company sometime, midway within the operations. God-willing, the company will begin giving out loans by February of 2019”

He stated that this is an effort the likes of which has never been done before in Maldives and that this effort is taken with a share of City Councils. President Solih also said that establishing the bank is a major step forward in the development of financial and economic sustainability of the Maldivian people and that this effort involves both the government and business owners.

The President also highlighted that about 70 per cent of the Maldivian economy is dependent on the tourism industry and that development and expansion of this industry is integral to the economic feasibility and individual growth of the Maldivian people. Solih stated that expanding advertisements of local tourism that are inclusive of local guesthouses will bolster the tourism industry. This is part of the first 100-day pledges of the current administration. He emphasized that Maldives shouldn’t only be marketed as a luxury tourist destination in the world stage and that promotional efforts should also target middle class consumers and highlight cheaper alternatives that are available.