Economic Ministry says they will announce the recipients of the Get Set loan scheme.

The scheme, worth MVR 25 million, aims to create more startups among youth.

Deputy Minister at Ministry of Economic Development, Adam Thaufeeq said they were currently reviewing the applicants. He added they will be able to award the loans to their recipients this month.

Under the scheme, a maximum amount of MVR 500,000 per individual application will be released. If the applicant is a registered business, partnership or cooperative society, then they will be eligible to a loan amount not exceeding MVR 1.5 million.

Loans will be released to tourism, transportation, construction, fisheries and agriculture, cooperative societies, service provision, waste management and open sectors.

Economic Ministry says the loan repayment period will be determined after reviewing the financial statements and extended for a period not exceeding nine years. A maximum grace period of one year can be granted in this period.