SAARC Development Fund (SDF) announced a USD 10 million Micro, Small and Medium Enterprise (MSME) funding scheme in Maldives on Thursday.
In a press release issued by SDF, Chief Executive Officer Dr Sunil Motiwal expressed confidence that the MSME Programme will boost job creation, raise income and increase investments in human capital in Maldives.
He further said that Maldives recognizes the potential of the sector in creating a more resilient and diversified economy as well as creating employment opportunities, particularly in the outer atolls.
Dr Motiwal also emphasized the need to create an integrated, poverty-free, and prosperous South Asia region through funding and collaboration.
MSME is a funding scheme that comes under the Economic Funding Window of SDF, which has earmarked an amount of USD 10 million to be disbursed under the MSME funding scheme. This scheme would be used to fund export-oriented clusters in Maldives to promote economic integration and regional cooperation in the entire SAARC region.
The MSME loan will be extended to MSME specialized banks in Maldives.
SDF was established by the heads of the eight SAARC Member States in April 2010 as an umbrella financial institution for SAARC projects and programmes in the SAARC region, aiming to promote the welfare of people, improve their quality of life, and accelerate economic growth, social progress and poverty alleviation in South Asia.