The Ministry of Economic Development has introduced their ‘innovative financing’ scheme, which aims to support production houses in the Maldives.
The scheme is aimed at financing media production projects and a total of MVR 7,710,000 is to be given out through the Bank of Maldives.
Recipients of grants under this scheme need to be a company, corporative society, or partnership with four shareholders. The ministry will give out grants of in between 500,000 and 150,000.
Said entities must be headed by an individual of no more than 60 years of age. Preference is to be given to individuals between the ages of 18 and 35.
The deadline for submitting applications opens on 26th August and will close on 30th August and only entities that abide by Islamic finance are qualified.
