World Bank has yesterday signed two agreements with Maldivian government, extending nearly Rufiyaa one billion (USD67.80) in aid.
The aid will be utilized to introduce essential reforms to State Owned Enterprises (SOEs) and to create competitiveness in Small and Medium Sized Enterprises (SMEs).
The agreements were signed by the Minister of Finance Ibrahim Ameer and World Bank’s Country Director to Maldives, Sri Lanka and Nepal Faris H. Hadad-Zervos in a ceremony held at the Ministry of Finance.
“The Maldivian government is working on a comprehensive plan to improve the functioning of state-owned enterprises and diversify our economy. These two projects will help create more opportunities for businesses, strengthen our successful fisheries industry, and bring about important reforms that ensure our long-term financial and economic stability”, said Ameer.
The Transforming Fisheries Sector Management in South West Indian Ocean Region (SWIO) and Maldives Project (TransFORM) is worth USD64.8 million. From the TransFORM initiative, Maldives is allocated USD 52.8 million to improve fisheries management in the region.
The project focuses on sharing knowledge and data to make better decisions and strengthening the country’s ability to govern and protect the fisheries sector.
It also aims to support other SWIO island nations and make Maldives a regional leader by providing knowledge and assistance. Promoting sustainable and inclusive practices to expand and diversify the fisheries industry, removing barriers to business competition, and training at least 40,000 people from the coastal communities with a special focus on encouraging more women to participate in fisheries management are also proposed interventions.
The USD15 million Maldives Competitiveness and Growth Project (MCGP) aims to assist in encouraging greater private sector participation in the economy and in enhancing the management and operation of selected SOEs.
The MCGP aims to make the 40,000 registered SMEs in Maldives more competitive by improving digital financial systems to make it easier for them to access to loans. It will also provide support to selected innovative SMEs to help them grow and develop new environmentally friendly products that can compete in emerging markets, encouraging other existing small businesses and potential entrepreneurs to develop and contribute to a vibrant SME ecosystem.
“Over the years, Maldives has leveraged its beauty and natural assets to drive its impressive growth primarily through tourism. The country’s aim moving forward is to evolve this growth through greater diversification, transformation within sectors, and resilience against climactic and fiscal shocks. These projects will contribute to that aim”, Faris. H. Hadad-Zervos.
The TransFORM project will be implemented by the regional Indian Ocean Commission and Maldives’ Ministry of Fisheries, Marine Resources and Agriculture. The MCGP project will be implemented by the Ministry of Finance.
The aid will be utilized to introduce essential reforms to State Owned Enterprises (SOEs) and to create competitiveness in Small and Medium Sized Enterprises (SMEs).
The agreements were signed by the Minister of Finance Ibrahim Ameer and World Bank’s Country Director to Maldives, Sri Lanka and Nepal Faris H. Hadad-Zervos in a ceremony held at the Ministry of Finance.
“The Maldivian government is working on a comprehensive plan to improve the functioning of state-owned enterprises and diversify our economy. These two projects will help create more opportunities for businesses, strengthen our successful fisheries industry, and bring about important reforms that ensure our long-term financial and economic stability”, said Ameer.
The Transforming Fisheries Sector Management in South West Indian Ocean Region (SWIO) and Maldives Project (TransFORM) is worth USD64.8 million. From the TransFORM initiative, Maldives is allocated USD 52.8 million to improve fisheries management in the region.
The project focuses on sharing knowledge and data to make better decisions and strengthening the country’s ability to govern and protect the fisheries sector.
It also aims to support other SWIO island nations and make Maldives a regional leader by providing knowledge and assistance. Promoting sustainable and inclusive practices to expand and diversify the fisheries industry, removing barriers to business competition, and training at least 40,000 people from the coastal communities with a special focus on encouraging more women to participate in fisheries management are also proposed interventions.
The USD15 million Maldives Competitiveness and Growth Project (MCGP) aims to assist in encouraging greater private sector participation in the economy and in enhancing the management and operation of selected SOEs.
The MCGP aims to make the 40,000 registered SMEs in Maldives more competitive by improving digital financial systems to make it easier for them to access to loans. It will also provide support to selected innovative SMEs to help them grow and develop new environmentally friendly products that can compete in emerging markets, encouraging other existing small businesses and potential entrepreneurs to develop and contribute to a vibrant SME ecosystem.
“Over the years, Maldives has leveraged its beauty and natural assets to drive its impressive growth primarily through tourism. The country’s aim moving forward is to evolve this growth through greater diversification, transformation within sectors, and resilience against climactic and fiscal shocks. These projects will contribute to that aim”, Faris. H. Hadad-Zervos.
The TransFORM project will be implemented by the regional Indian Ocean Commission and Maldives’ Ministry of Fisheries, Marine Resources and Agriculture. The MCGP project will be implemented by the Ministry of Finance.
