Commitment
Establish Mechanisms to Facilitate Female Entrepreneurs to Access SME Loans and Non-Banking Financial Mechanisms to Facilitate Economic Activity
Source
GEAP
Reference
Date Updated
Mar 23, 2022
0
Partially Realized
Mechanism for Realization
Budget
40%
Realization
• Number of loans awarded to female entrepreneurs (during 2019, 2020, and 2021): 20% approved loans for female-based businesses under SDFC loan products (2021) Research conducted to identify types of mechanisms established to improve women’s access to credit and financial mechanisms (during 2019, 2020, and 2021) and determine the number of non-banking financial mechanisms awarded to female entrepreneurs (during 2019, 2020, and 2021) was inconclusive

The Government’s National Gender Equality Action Plan (GEAP) 2022 – 2026 was developed with a focus on five main policy areas; Leadership and Governance, Economic Empowerment, Institutional Gender Mainstreaming, Elimination of Gender-Based Violence, and Access to Justice.

The legal framework for gender equality in the Maldives was strengthened through the enactment of the Gender Equality Act (Law No. 18/2016), which prohibits direct and indirect gender-based discrimination, and the duties and responsibilities of State institutions and other relevant parties to achieve gender quality in the country. The 2019 amendment to the Decentralization Act (Law No. 7/2010) established a 33% electoral quota for women in local councils, setting a precedent and facilitated women’s increased meaningful participation in public life and governance.

However, the Maldives is considerably behind in attaining the Sustainable Development Goals (SDGs), with SDG Goal 5 (Gender Equality) having a stagnant score, indicating major challenges that persist in achieving gender equality.