The Government has decided to set up Development Bank and a finance centre in the SME Hub building.

Economic Minister Mohamed Saeed told 'One' on Sunday that the ground floor and second floor of the SME Hub building will be developed to establish the Development Bank and finance centre. Minister Saeed added that the small businesses currently operating in the SME Hub will be relocated elsewhere in Male' City.

The ground floor at SME Hub currently has a bakery and a library while the first and second floors are allotted for small businesses to run cafe's and shops. The building also has a 25-pax theatre and a children's play area.

Minister Saeed said that the Government currently pays roughly MVR 700,000 in rent for the SME Hub building and that is it not a sustainable model in the long run.