The Ministry of Economic Development has introduced initiatives to offer grants of USD6,500 to 200 small to medium enterprises (SMEs) in the Maldives.
Under the Maldives: Enhancing Employability and Resilience of Youth (MEERY) project, funded by the World Bank, the grants for women-led businesses and grants for tailoring businesses programs have been launched.
The inaugural ceremony was held in Addu City, presided by the Minister of State for Economic Development Neeza Imad.
The programs aim to foster and support SMEs by providing financial aid, training, and technical assistance. Moreover, the programs specifically target micro businesses registered under the Small and Medium Enterprises Act in Male’, Addu, Fuvahmulah, and Kulhudhuffushi cities. However, businesses not registered under the Act are also encouraged to participate as well.
The women-led businesses program aims to extend financial aid and training for women seeking to expanding their existing businesses or ventures. The program for tailoring businesses seeks to provide support for entrepreneurs owning tailor businesses.
Applicants must either be individuals aged between 18 and 65 or SMEs that are 100% Maldivian-owned. Additionally, the applicants should not have previously benefitted from grant programs launched under the MEERY project since January 2020.
Interested applicants may submit their applications through the Job Center portal.