161 Covid-19 relief loans issued to food establishments: Economic Minister Fayyaz

Economic Development Minister Fayyaz Ismail | Photo: Sun

Malé, Maldives – The Economic Minister of Maldives, Fayyaz Ismail has said that 161 Covid-19 relief loans were issues to food establishments.

Minister Fayyaz said that 161 cafés and restaurants were issues loans while some media reported that only 5 restaurants received Covid-19 relief loans.

However, he clarified that 5 food establishments received loans through the Bank of Maldives (BML) while the other 156 eateries received loans through the Development Finance Corporation (SDFC). BML issued MVR 16 million for the 5 restaurants while the SDFC issues MVR 33 million to 156 food establishments.

One of the biggest challenges faced by small and medium enterprises is not having a venue to receive loans without collateral. SDFC, established to resolve this, has approved MVR 1.3 billion to 765 applicants, with MVR 524 million disbursed.

Economic Minister Fayyaz

Fayyaz added that BML disbursed MVR 357 million and MVR 585 million to large and medium businesses while MVR 363 was issued through SDFC Covid-19 Relief Fund.

SDFC has thus far issued Covid-19 relief loans to 2,200 businesses including 1,519 businesses and 685 private companies.