Ministry of Economic Development announced that city council of Maldives will hold 15 percent shares of the SME Bank, established by the government for Small and Medium Enterprises.
President Ibrahim Mohamed Solih revealed the decision to establish the SME Bank during the Guesthouse Symposium in December 2018. President Solih also announced that the three existing cities in Maldives, capital Male, Addu and Fuvahmulah, would be shareholders of the bank.
SME Bank will give five percent of shares to each of the three city councils, while the government holds 85 percent.
Addu City Council was the first to secure shares of SME. The resolution passed by the council states that the members unanimously approved the five percent share of the SME Development Finance Corporation, which is being established by the economic ministry.
Furthermore, the council declared that the people of Addu welcomed the government's plan to include the people in providing modern financial services and products to support and expand small and medium businesses via the SME Bank.