President Ibrahim Mohamed Solih on Wednesday established a fully state-owned company, Maldives Fund Management Corporation Limited, by a Presidential Decree.
According to the President's Office, President Solih established the Maldives Fund Management Corporation LTD with the aim of creating a company that assists in acquiring inexpensive finance options through fund structures for local investors and foreign investors, under Section 95 of the Maldives Constitution Act No 10/96 “The Companies Act of the Republic of Maldives”.
The company was established on the president’s authority, by Presidential Decree no 3/2019.
The company was inaugurated as part of President Solih's pledge to increase investment opportunities in different sectors and to promote an investment-friendly environment for local and foreign investors in Maldives.
The President's Office further stated that the new company is tasked with the responsibilities of fulfilling national goals of development through increasing private sector investment with the aid of the government, to increase the wealth of the country, and to increase strategic investments through managing risks and profit ratios.