In a bid to support local small and medium enterprises, the World Bank has extended a grant of USD 67.8 million (approximately MVR 1 billion) to the Maldivian government.
The financing agreement was signed by Minister of Finance Ibrahim Ameer on behalf of the Maldivian government, and by the World Bank Country Director for the Maldives, Nepal and Sri Lanka Faris H. Hadad-Zervos on behalf of the bank, during a ceremony held at the ministry’s office. A total of two distinct agreements were signed under the financing arrangement.
The first aid worth USD 53 million (MVR 814 million) was extended towards fisheries sector in the Maldives. Under the grant, data collection, research, exchange of data and knowledge along with improving regional ties among the countries and the protection and development of the fisheries sector will be carried out. The financial aid will also be extended towards eliminating obstacles on commercial competitiveness, and improve the participation of women in the industry; which includes the objective of training at least 40,000 professionals. The project will be carried at a regional capacity by the Indian Ocean Commission along with the Ministry of Fisheries, Marine Resources and Agriculture.
The other facility worth USD 15 million (MVR 231 million) was extended under the Maldives Competitiveness and Growth Project (MCGP) to improve the operations of state-owned enterprises and small to medium tier ventures. The facility is extended to improve the digital infrastructure for business loans, and will be applicable for over 40,000 of the registered SMEs.