President Ibrahim Mohamed Solih has announced that the government initiated SME Development Finance Corporation will be changed to a bank and will begin to give out loans within this month.
President Solih said this while speaking at a special event celebrating International Women’s Day 2019 at Maafushi today. He said that women will be allocated 20 percent of the loans granted by this bank. The President noted that this move will allow the country's economy to move forward with the contribution of women.
Establishing SME Bank in Maldives had been a campaign pledge of President Solih.
The President had previously said that the bank is a financial entity that will unify the citizens and the government in economic progress. He has also said that SME Bank will serve to improve financial stability and economic development in this country.