BML issues loans worth MVR 1.2 billion amid Covid-19

Photo via The islandchief

Malé, Maldives — The Bank of Maldives (BML) revealed on Sunday that they had issued loans worth MVR 1.2 billion to various sectors that were facing economic issues due to the ongoing Covid-19 pandemic.

The figures were confirmed by the CEO and Managing Director Tim Sawyer of BML himself, during a virtual press conference.

According to Sawyer, under the Ministry of Finance’s COVID-19 Recovery Scheme Fund, the bank continued to disburse loans to resorts and guesthouses to help with the economic issues faced due to Covid-19.

By the end of August, the bank had approved MVR 769 million for a total of 397 loans. These loans were only paid out to the resorts and businesses that had a minimum turnover of MVR 10 million.

“The bank issued USD 4.57 million and MVR 125.29 million as short term finance by the end of August. Additionally, MVR 400 million was disbursed to businesses as working capital”, said Sawyer.

Furthermore, BML has also introduced a short-term financing facility so the businesses in the tourism industry of Maldives can overcome potential difficulties. Through this facility, resorts and guesthouses can secure up to USD 2 million (MVR 30 million).

The CEO of BML continued to highlight the bank’s commitment to offer assistance to the citizens of Maldives despite the ongoing Covid-19 pandemic.

“Although the pandemic is not expected to end in the nearby future, the bank is committed to ensuring assistance to customers and offering uninterrupted services. Bank of Maldives will remain standing alongside the Maldivian people no matter what”.