The Government has announced MVR 500 million in loans for small and medium-sized enterprises (SMEs) to support growth and strengthen their contribution to the national economy. The initiative follows President Dr Mohamed Muizzu’s earlier announcement of 2026 as the Year of Innovation.

Minister of Economic Development and Trade Mohamed Saeed said that since President Dr Muizzu assumed office, 590 SMEs have benefited from 340 projects through SME Digital, receiving loans of over MVR 1 million. Additionally, Finance Ministry has released payments of MVR 13 billion to local vendors, with MVR 5 billion released specifically to SME’s.

The Year of Innovation aims to set benchmarks for achieving economic production targets across Government ministries and to encourage entrepreneurship and business development.

Minister Saeed added that the Government is also developing policies to promote economic activity on reclaimed land and support the growth of SMEs in regional areas. The new loan programme by SME Digital is expected to provide essential funding for expansion, infrastructure investment, and increased productivity.