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SME Bank will have shares from 3 cities: President Solih

Mariyam Malsa
30 December 2018, MVT 19:44
President Solih at the Guest house symposium. PHOTO: AHMED NISHAATH/MIHAARU
Mariyam Malsa
30 December 2018, MVT 19:44

President Ibrahim Mohamed Solih, on Saturday, announced that shares from the three existing cities in Maldives would be included in the plan to establish a Small and Medium Enterprises (SME) Bank.

Speaking at the closing ceremony of the Guesthouse Symposium, President Solih stated that the inability to secure funding was the main obstacle to the progress of local guesthouses.

While the administration will commence efforts to establish the bank in February 2019, President Solih stated that this would enable guesthouses to attain loans easier.

The president revealed that the creation of a financial institution would be among steps taken as part of the efforts taken to establish the SME bank. A company under the name SME Financial and Development will also be created and registered in Maldives.

The cities of Male’, Addu and Fuvahmulah will hold shares in the SME Bank as part of the government’s policy of decentralization.

The president also highlighted the crucial role that airport development played in the development of guesthouses. While plans for the development of an international terminal at Velana International Airport were on halt until recently, he noted that deals with Saudi Arabia to secure funds have been renegotiated.

President Solih asserted that the government’s aim was to craft policies designed to bring the benefits of tourism directly to the citizens, and stated that the Ministry of Tourism was already amending the relevant guidelines.

President Solih inaugurated the Maldives Tourism Conference 2019 at the closing ceremony of the Guesthouse Symposium.

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