Vilunveshi Grant to Expand and Offer Funding Opportunities for Maldivian Companies

The government is expanding the Vilunveshi Grant programme to include companies, moving beyond its initial focus on individual entrepreneurs to foster larger-scale innovation. Minister of Climate Change, Environment and Energy Ali Shareef announced the expansion during a press briefing today, citing strong participation and positive feedback from the initial rollout. Implemented through a collaboration between the Ministry, the Asian Development Bank (ADB), and SME Digital, the programme provides financial assistance to support environmentally conscious businesses. While the current phase offers select individuals approximately USD 6,473.58, the upcoming expansion aims to provide companies with more substantial financial backing to bring innovative, sustainable products to the market. Minister Shareef confirmed that the government will open the window for additional proposals next year. This strategic shift is intended to catalyze the growth of startups that leverage new technologies to protect the environment and enhance national food security. The ministry is currently evaluating 150 proposals submitted since the programme's launch in June. These applications are being reviewed by the Ministry and SME Digital to ensure the highest standards of viability and impact. The final list of selected beneficiaries will be announced in November. According to government guidelines, only 50 of the most competent candidates will be chosen from the current pool of applicants. The broader goal of the Vilunveshi initiative is to mitigate the negative impacts of climate change by promoting sustainable inventions and creating green job opportunities across the archipelago.