SDFC issue MVR222m under ‘Covid-19 Business Relief’ loan


Maldives President inaugurates SDFC | Photo: President’s Office

The SME Development Finance Corporation (SDFC) made issuance of MVR222 million so far under the Economic Recovery Scheme.

Earlier, Maldives government made announcement of the initiative in order to provide financial stimulus towards local SMEs and individuals.

Moreover, Ministry of Finance in their latest update reveals SDFC issuing loans for a total of 1,479 entities.

Statistics reveal the financial institution made issuance of loans to a total of 1,046 local SMEs and for another 433 individuals with freelance or self-employed background.

Furthermore the details reveal issuance of MVR209 million towards SMEs and another MVR13 million towards individuals.

SDFC made announcement of the Covid-19 Business Relief loan in collaboration with Ministry of Finance.

Additionally, under the scheme the financial institute set to issue a maximum of MVR500,000 for businesses or individuals.