Minister of Economic Development, Transport and Trade Mohamed Saeed has said efforts are underway to expedite solutions through legal avenues to address concerns related to the Taxi Nafaa loan scheme.

The remarks follow a letter shared on social media and addressed to the Minister, outlining challenges faced by borrowers under the scheme. Responding on Friday, Minister Saeed said identifying prompt solutions and determining the most appropriate way forward remain among his key responsibilities. He added that officials responsible for transport matters have been instructed to review the issues raised and ensure the matter receives the necessary attention.

Following this, the Minister met with borrowers of the loan scheme along with relevant stakeholders.

In a subsequent statement, he said work is ongoing to find a prompt solution within the framework of existing laws and regulations.

The Taxi Nafaa loan is a financing scheme designed to support the purchase of vehicles for taxi operations.

Under the scheme, loans of up to MVR 300,000 are provided for the purchase of taxis. Both existing taxi drivers and individuals seeking to enter the sector are eligible to apply.

The loans are issued at interest rates between 6 per cent and 8 per cent, with repayment periods of up to five years. A grace period of six months is also provided.