The European Union has pledged EUR 2 million as a grant aid for a project to support the recovery of small and medium enterprises operating in the Maldives tourism sector.
The agreement for the project- EU support for a resilient recovery of the SME Tourism Industry in the Maldives – was signed by the EU ambassador to Maldives Denis Chaibi and The Maldives Fund Management Corporation’s Managing Director, Hassan Manik during an event to launch the project on Tuesday afternoon. The ceremony was also attended by the Economic Minister Fayyaz Ismail and Tourism Minister Dr. Abdulla Mausoom.
’EU support for a Resilient Recovery of the SME Tourism Industry in the Maldives’ will assist beneficiaries in improving business operations, financial management, sustainable waste management and creating access to international markets.
The EU-funded project is designed to assist micro, small and medium enterprises involved in the tourism sector – most specifically guesthouses and safari vessels with less than 40 beds.
All micro, small and medium enterprises operating in the tourism sector with a valid operating license at the start of the COVID-19 crisis (December 2019, January 2020 or February 2020) are eligible to apply for the assistance.
The Economic Ministry said the project is expected to benefit more than 600 tourism establishments.