The Maldives X IsDB To Establish An SME Impact Fund

On Monday, the Ministry of Finance and the Islamic Development Bank (IsDB) signed a Memorandum of Understanding (MoU) for a USD 40 million project to establish an SME Impact Fund in the Maldives. The MoU was signed between the Minister of Finance, Ibrahim Ameer and the Chairman and President of IsDB, Dr. Muhammad Al Jasser on the margins of the Annual Meeting of IsDB held in Jeddah, Saudi Arabia.

The Finance Ministry stated that the USD 40 million project will help to facilitate the essential financial and technical assistance needed by Small & Medium Enterprises to pursue strategic growth in the Maldives. All the proceeds from the investments will be utilized to further expand the fund and increase its scope. The SME Impact Fund will be managed and operated by Maldives Fund Management Corporation Limited (MFMC) and SME Development Finance Corporation (SDFC).

The growth and development of SMEs have been prioritized by the government in recent years. The establishment of more SMEs will increase economic activities and pave the way for more employment opportunities in the Maldives – which are key indicators of a healthy and sustainable economy.