Law on small and medium enterprises will open new opportunities: Economic Minister

Economic Minister has said that the ratification of the recently passed bill on small and medium enterprises will open new opportunities for such businesses.

Minister of Economic Development Ahmed Mohamed said today that the new small and medium enterprises law will facilitate a sum of MVR 50 million in financial loans for small and medium businesses each year and that it will also bring about good changes to the existing loan schemes.

“While we issue loans from the amount granted to us from the government budget, I hope that the loans issued to small and medium businesses will see healthy changes. But it is important to incorporate an interest rate,” the Minister said.

Economic Minister said that the bill was passed without incorporating some of the comments passed by the Economic Ministry, but said that he is happy with the overall bill. He said that he has advised the President that it a sound bill that should be ratified.