An agreement has been signed between the Ministry of Finance and the European Investment Bank (EIB) for a loan of EUR 20 million.
The loan is to help the sustain the local economy strained due to the halt in tourism which the country heavily depends on, and protect jobs and support SMEs operating in the tourism and industry sectors.
“The EIB is happy for the opportunity to support robust economic growth in the Maldives and help the country improve its macroeconomic outlooks in the wake of the COVID-19 pandemic. This loan will support local SMEs, sustain jobs, and have a positive impact on the stability of the local financial market. As such, it will help the Maldives recover faster and I am very glad the EU bank reacted with unprecedented speed to make sure the Maldives can continue to grow and develop,” stated EIB Vice-President Andrew McDowell .
With the loan, funds are to be made available to SMEs operating in the country via the national bank, Bank of Maldives.