Malé, Maldives – Maldives Fund Management Corporation (MFMC) on Tuesday reported that MVR 13,078,540 have been dispersed to tourism sector SMEs under the grant scheme, ‘EU Support for a Resilient Recovery of SME Tourism Industry in the Maldives.’
Over MVR 13 million was dispersed to 286 guesthouses and 59 safari vessels who applied for support under the grant scheme.
MFMC notes that this is just 53 percent of the eligible guesthouses and safari vessels with 47 percent yet to apply.
“EU Support for a Resilient Recovery of SME Tourism Industry in the Maldives” deadline extended until 14:00, 31 August 2022.
The “EU Support for a Resilient Recovery of SME Tourism Industry in the Maldives” project has dedicated EUR 1,400,000 for a direct transfer component. The European Union has provided EUR 2 million as a grant aid for tourism sector MSMEs to recover from COVID-19 crisis, with the objective of enabling a more resilient and a diversified economy in the Maldives.
The overall objective of the project is to enable the Maldives to create a more resilient and diversified economy by enabling tourism sector MSMEs to recover from the COVID-19 crisis that has resulted in significant need of financial assistance to kick start operations to coincide with economic recovery efforts. Accordingly, the grant amount has been set at MVR 2,453.76 per each bed operated by the eligible SMEs.
Eligibility criteria to apply for the grant:
- The applicant should be a local individual, sole proprietorship, partnership, or company registered and doing business in the Maldives in the guesthouse/safari sector.
- Guesthouse/safari vessel registered, with a valid operating license as of December 2019, January 2020 or February 2020.
- Guesthouse/safari vessel with 40 beds or less.
- Must submit a completed application with all required supporting documents/information before 14:00, 31 August 2022.
The user guide and applications forms may be accessed via the EU Support online portal.