Youth entrepreneurship program supports over 3,000 Maldivian innovators with MVR 300 million in financing

The Bank of Maldives (BML) and SME Digital have disbursed more than MVR 300 million in financing to over 3,000 young entrepreneurs across the country under the first phase of the Youth Entrepreneurship Financing program, a key component of the MVR 1 billion national financing scheme launched to expand youth-led economic activity.

The facility is designed to support young people who wish to start or grow small and medium enterprises, offering financing of up to MVR 150,000 without any collateral. Open to youth between the ages of 18 and 30, the program aims to remove traditional barriers to accessing capital and encourage more young Maldivians to enter the MSME sector.

Bank of Maldives CEO and Managing Director Mohamed Shareef said it is a great pleasure to see such a strong response from young people across the country.

“We are also proud to provide financial support to young entrepreneurs in turning their creative ideas into profitable businesses and developing the skills and abilities needed to build sustainable businesses and achieve long-term success,” he said.

SME Digital CEO Badruddin Hassan said the first phase has received an exceptional response from youth.

"Providing financial assistance to more than 3,000 local youth through financing of more than MVR 300 million is a key foundation for building young entrepreneurs. We hope to build on the success of this phase and create opportunities for more youth through the next phase," Badruddin said.

In addition to financial assistance, the program aims to equip recipients with the support needed to grow their businesses sustainably. SME Digital has partnered with the Business Center Corporation (BCC) to provide mentorship, business training and business formalization support, work scheduled to begin in the coming days.

With Phase 1 now completed, applications for the second phase of the program will open in November this year.

BML and SME Digital say they remain committed to creating more economic opportunities for young entrepreneurs by providing easy and convenient access to financing and strengthening the support ecosystem needed for youth-driven business growth.