President Launches Youth Entrepreneurship Financing Facility

President Dr Mohamed Muizzu has launched the Youth Entrepreneurship Financing Facility, a new initiative aimed at helping young Maldivians establish and grow businesses.

The facility was launched on Tuesday during the opening ceremony of the Youth Entrepreneurs Expo 2026 at Barceló Nasandhura.

advertisement

Developed jointly by the Bank of Maldives (BML) and SME Digital Private Limited, the scheme provides eligible applicants aged between 18 and 30 with financing of up to MVR 150,000 without requiring collateral or equity.

According to the President’s Office, the facility is designed to improve access to finance for young entrepreneurs and freelancers seeking to establish or expand small and medium-sized enterprises (SMEs).

During the ceremony, President Muizzu also inaugurated seven new BML branches in Hoarafushi, Kanditheemu, Alifushi, Hinnavaru, Maamigili, Gemanafushi and Maavah. With the additions, BML now operates 55 branches across all 20 atolls, including 17 branches opened over the past two years.

The event also marked the launch of international account opening through Swipe, a digital banking service that allows customers to open accounts in US dollars, pounds sterling and euros.

The government said the initiative forms part of its broader efforts to promote youth empowerment and diversify the economy. President Muizzu also reaffirmed the administration’s target of increasing the digital economy’s contribution to 15 per cent of the Maldives’ gross domestic product (GDP) by 2030, highlighting the role of young people in achieving that goal.