Development bank to be established this year

President Mohamed Nasheed has announced the establishment of a new development bank specialising in providing investments for small and medium enterprises, to be ready at the end of the year.

President Nasheed added the main challenge for these enterprises is lack of funding, and said he hopes a new development bank will solve the problem.

The president said the ministry of Economic Development is providing financial assistance to these enterprises through a fund worth MRF 18.8 million. He said 41 per cent of those receiving assistance were women.

President Nasheed added that the government is working to bring in more foreign investment. In 2009, 18 foreign investments were approved. According to the president, the total foreign investment registered in 2009 was US$22 million.