MVR 45 Million Disbursed for 34 Businesses by BML as Covid-19 Recovery Loans

The national bank, Bank of Maldives have revealed that a total of MVR 45 million have been disbursed to 34 businesses as COVID-19 relief loans.

The bank disclosed that funds have been disbursed to 34 businesses from a total of 63, after their loan applications were evaluated by the bank and approved by the Ministry of Finance.

Bank of Maldives announced that it will support the Ministry of Finance in the implementation of the COVID-19 Recovery Scheme as part of the Government’s recovery plan due to the COVID-19 outbreak. The scheme allows individuals and businesses financially affected by the pandemic to apply for financing to meet working capital requirements.

The relief loan are issued with at 6% interest per annum for a 3 year period, including a grace period of 6 months during which no interest or principal payments will be made.

Under recovery loan schemes the national bank is only financing resorts and other businesses with over MVR 10 million turnover.