Maldivian Ministry of Economic Development has revealed that City Councils will hold a total of 15% shares from the SME Bank, which is being developed by the government for Small and Medium Enterprises.
Works on the development of the bank was first revealed by President Ibrahim Mohamed Solih during the Guesthouse Symposium in December 2018. In addition to this, the President also revealed that the bank would be established with the three existing cities – Male’, Addu and Fuvahmulah as the shareholders of the bank.
The government will hold 85% shares while each City Council will hold 5% shares bringing their total to 15%.
A resolution passed by the Addu City Council notes that the members of the council had unanimously approved the five percent share of the SME Development Finance Corporation being established by the Economic Ministry. This also made Addu City Council the first council to secure the shares.
In addition to this, the council – on behalf of the people of Addu – welcomed the government’s plans to empower SMEs through different financial services including the SME Bank.
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