Trade and Commerce Minister, Faiyaz Koya

Businesses particularly Micro Small and Medium Enterprise suffered an estimated $25 million loss and damage following Tropical Cyclone Yasa.

Trade and Commerce Minister, Faiyaz Koya, says this is based on their preliminary findings where the Ministry partnered with the International Finance Corporation in conducting its Business Impact Survey.

Koya adds they will continue to provide more assistance to various businesses who were severely impacted by the two recent cyclones, and they will start processing the applications soon.

He says these are some of the approaches the Ministry is taking to create an enabling environment for the MSME’s and the wider business community.

“We have a number of reforms that will continue to improve the business environment especially for MSMES and we are working on the finalization of the MSME Act, Investment Bill and Amendments to the Co-operatives Act.”

In light of the COVID-19 assistance, Koya says they’ve received over 9,000 loan application where 98 percent have been assessed and close to about $30 million have been distributed.

He adds a helpline has been established to assist businesses who may seek assistance from the Ministry during these trying times.