Youth Loan: Over 3,000 Businesses Receive MVR 300 Million in First Phase, Says President Muizzu

President Dr. Mohamed Muizzu has announced that over 3,000 businesses have received more than MVR 300 million in the first phase of the Youth Entrepreneurship Financing Scheme. The President made the remarks while speaking at the awards ceremony of the Maldives Innovation Exhibition. The loan scheme, with a total allocation of MVR 1 billion, is disbursed through the SME Digital platform and offers loans of up to MVR 150,000 per business. The scheme is targeted at young entrepreneurs aged 18 to 30, enabling them to start or expand micro, small, and medium-sized enterprises. President Muizzu confirmed that the second phase of the scheme will commence on November 1. He also announced that the government has decided to introduce major tax reliefs for micro, small, and medium enterprises. These include an arrangement to offset tax for parties owed money by the government and raising the threshold for GST registration to MVR 1.5 million, requiring amendments to relevant laws and regulations.