Ministry of Economic Development has launched two loan schemes totaling a fund of MVR 80 million, targeting Maldivian youth.
Economic Minister Mohamed Saeed inaugurated ‘Faseyha Madhadhu Phase 2’ and ‘Innovative Finance’ schemes on Sunday evening.
The schemes are held in accordance to Islamic financing principles with the help of the Islamic Development Bank (ADB), Bank of Maldives (BML)'s Islamic branch, Ministry of Islamic Affairs, and Public Service Media (PSM).
‘Faseyha Madhadhu Phase 2’ is an MVR 74 Million fund designed to be distributed under four sectors:
1. Tourism
2. Transport
3. Construction
4. Fisheries & Agriculture
Funding is provided as per the following :
- Micro-small businesses: Upto MVR 100,000
- Small businesses: Upto MVR 500,000
- Medium businesses: Upto MVR 1,000,000
- Start-up businesses: Upto MVR 300,000
‘Innovative Financing’ is an MVR 7 million scheme for media production houses to acquire equipment.
A maximum payout of MVR 500,000 may be awarded, while the minimum payout stands at MVR 150,000.
40 percent of the schemes are allotted for women and young entrepreneurs.
Interested parties over the age of 18, may apply for the scheme until August 30.
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