The inauguration of SME Bank, developed for small and medium enterprises in the Maldives, has been set for 18 March.

According to the Ministry of Economic Development, a special ceremony will be held at the Art Gallery at 9:30am on Monday to inaugurate the bank.

Banking services are to be made available from the third floor of Sakeena Manzil in Henveiru ward of capital city Malé.

The bank will begin lending loans to small and medium enterprises within this week, after conducting transparent evaluations, President Ibrahim Mohamed Solih announced last Thursday.

SME had last month given financing business license to the financing development corporation.

Opening an SME Bank in the Maldives is one of President Solih’s first 100-day pledges.

The bank will open with shares from all three city councils which are in the capital, Addu and Fuvahmulah.

Addu City Council has already passed a resolution, ensuring 5% shares from the bank.