The government is to introduce a USD 6.5 million loan facility for female entrepreneurs, with 25 percent allocated to women with disabilities.

This was announced by President Dr. Mohamed Muizzu on Monday, during an address at the High-level Closing Ceremony of the SIDS Global Business Network (GBN) Forum 2024, held at Antigua and Barbuda.

The event was organized by the office of the High Representative for the Least Developed Countries, Landlocked Developing Countries, and Small Island Developing States (OHRLLS).

Taking the podium at the event, the Maldivian leader made three calls for action, one of which focuses on the need to promote investments in micro, small, and medium enterprises (MSMEs) and young entrepreneurs.

Shedding light on the significance of paving the path for easier cross-border trade, the president also noted that it is importance to protect the intellectual property rights of MSMEs, while guaranteeing a regulatory environment that encourages investment, innovation, entrepreneurship, and sustainable development.

Further stressing the need to prioritize inclusivity and empower local communities to boost connectivity between businesses and governments, the Maldivian leader stated that this connection can leverage the strengths of both sectors to achieve common goals, from infrastructure development to disaster risk reduction, and is of utmost importance in SIDS, where islands are dispersed.

Urging to provide platforms to forge partnerships and share experiences, the Maldivian leader stressed that the biggest challenge SIDS face is restricted access to affordable financing for development.

Muizzu also shed light on the difficulties in balancing economic growth and sustainability, hindering the ability to invest due to SIDS' small market, limited creditworthiness and vulnerability to debt distress.

Encouraging to continue dialogue between businesses and government agencies to create platforms for engagement to facilitate knowledge sharing and partnership development and increase partnerships, President Muizzu urged banks, multilateral institutions and other financial entities to prioritize actions that make finance more accessible, affordable, and tailored to the needs of the private sector.

In conclusion President Muizzu noted that the Antigua and Barbuda Agenda for SIDS can only be achieved when governments of SIDS partner with the private sector and prioritize the private sector in efforts to realize resilient and inclusive prosperity for all.