President Dr Mohamed Muizzu has announced that his Administration has so far disbursed MVR 349 million to 595 small businesses, underscoring the Government’s commitment to strengthening small and medium enterprises (SMEs).

Delivering his Presidential Address 2026, the President highlighted several initiatives aimed at promoting entrepreneurship and innovation. He noted the introduction of a new Trade Mark Act last year and the establishment of the Intellectual Property Office on 1 January 2026, both designed to protect and encourage business growth.

The President also pointed to the success of the Maldives Expo held last year, as well as the launch of the SME Award to recognise outstanding small and medium enterprises. He emphasised the creation of SME Digital, a subsidiary of the Bank of Maldives (BML), which has modernised SME banking and introduced financing schemes across key sectors including tourism, agriculture, fisheries, start-ups, and existing businesses.

In addition, he announced that loans of individuals facing repayment difficulties have been transferred to the Islamic facility, providing more flexible financial solutions.

President Dr Muizzu said these measures reflect the Administration’s vision of empowering SMEs, driving economic diversification, and ensuring sustainable growth for Maldivian businesses.