President Dr. Mohamed Muizzu has stated that 25% of the special concessional loan scheme of 100 million rufiyaa, introduced to encourage women to enter the business sector, is reserved for women with special needs. While delivering the Presidential Address at the People’s Majlis, President Muizzu said that this government will develop the country without leaving anyone behind. As such, the President said that women’s advancement, empowerment, and creating opportunities for them is a high priority for this government.
“25% of this special loan scheme will be reserved for women with disabilities. The second phase of this loan scheme will be implemented this year, God willing,” the President said.
In the first phase of the special loan scheme, loans have already been disbursed to 60 recipients. The President noted that this scheme was introduced to encourage women to enter the business sector, and it is an important step towards increasing women’s economic participation and empowering them.
Introducing a “Startup Loan Scheme” specifically for women is included in the government’s 14-week roadmap.
This includes designating a special area in Hulhumalé for selling products made by women and arranging convenient business facilities within the first 63 days. The government has arranged to finance through the “Fatha Madadhu” loan for female entrepreneurs who face difficulties in obtaining services from conventional banks due to lack of guaranteed income. Through this, loans ranging from 100,000 to 500,000 rufiyaa will be disbursed to these individuals, with a seven-year repayment period. The interest rate for this loan will be 6% per annum.
Additionally, the 14-week roadmap includes arranging easy facilities for female entrepreneurs seeking leasing finance, establishing a special system for marketing and trading locally grown products with special opportunities for women, and launching a special program to increase the number of female employees in the tourism sector.
