Maldives Launches Project-Based Financing Scheme for Creative Sectors

The Maldives government has launched a new project-based financing scheme under the Creative Economy Fund to support local artists and creators in film production, music production, and other creative fields. The scheme, managed by the Business Center Corporation (BCC), was introduced following President Dr. Muizzu’s pledge to offer financial assistance to skilled workers engaged in the creative economy.

The BCC has officially opened applications for financial aid ranging from MVR 50,000 to MVR 300,000 to eligible Maldivians. The scheme is designed to promote creative industries such as film and music production, art, crafts, and content creation. Applicants must be Maldivian citizens, at least 18 years old, and have 100% local ownership in a small business or be listed in the BCC's self-employed registry.

Each applicant is allowed to submit only one form covering all sectors outlined in the scheme. In addition to funding, BCC will provide mandatory incubation services to guide recipients in managing their projects effectively. A 5% incubation fee will be charged for this service.

To participate in the scheme, applicants are required to submit their applications through a dedicated online portal. A detailed repayment schedule, included in the application process, will outline how funds are to be repaid. The full policy detailing the scheme’s implementation is available in the gazetted “Policy on how to implement the Project-Based Financing Scheme for Creative Economy Fund.”

Further information about the application process can be obtained by contacting BCC's hotline at 3305555 or emailing [email protected].