MVR 349 million released to 595 SME's: Saeed

Minister of Economic Development and Trade Mohamed Saeed stated that small and medium enterprise (SME) businesses have received MVR 349 million in loan assistance via SME Digital since the current government has taken office.

During the press conference held at the President's Office, Saeed said that 595 businesses have received financial aid within the last two years.

Of the said businesses, 10 sectors have been given Lui Loans.

"Asset Financing, Working Capital Financing, Content Creation, special financial schemes for women, guest house businesses, mariculture, various value editions per month and the agricultural sector have all seen financial aid be given to them," said the minister.

As per Saeed, local vendors have seen MVR 13 billion in financial aid from the Finance Ministry in the last two years, with MVR 5 billion in financial aid for SMEs.

During the meeting held for businesses earlier this month by President Dr. Mohamed Muizzu, SMEs expressed their concerns regarding the delay in aid being released. President Muizzu responded stating that the work to release said funds for the bills will be expedited.

During the press conference, Saeed said that concessions have been given for SMEs for TT transactions via BML. He said that there has been an increase of USD 46 million TT transactions compared to last year. He also said that the USD support limit for TT transactions has also been increased.

Saeed went on to say that while the limit has been increased by 50 percent for invoices below USD 2,500, invoices amounting to USD 5,000 sees a limit of 30 percent, with invoices more than USD 5,000 seeing USD at the bank rate be arranged up to 15 percent for businesses.

Saeed also said that the government will prioritize offering special concessions for businesses within the next two years. He stated that next year is the year of innovation, and that work relevant to businesses will be arranged in order to achieve that. He also stated that ministries are working to align their aims as such.

"The President has determined specific mandates for ministries. For example, the Fisheries sector, Agriculture, Transport, Telecommunication, Aviation, Heritage, Education Technology and Manufacturing, each ministry has been told to establish key performing indicators," said Saeed.