The government has engaged in deliberations aimed at increasing the contributions of the Bank of Maldives (BML) and the Maldives Islamic Bank (MIB) towards the further development of the tourism sector and the protection and conservation of the environment.
Thoriq Ibrahim, the Minister of Tourism and Environment, held a series of discussions with Mohamed Shareef, the Managing Director and Chief Executive Officer (CEO) of BML, and Mufaddal Idris Khumri, the CEO and Managing Director of MIB, aimed at enhancing bank contributions in those sectors.
During his meeting with BML Chief Shareef, Minister Thoriq underscored the tourism sector as the cornerstone of the nation's economy, underlining BML's vital support role. He also addressed the importance of environmental protection and sustainability initiatives spearheaded by the administration.
Shareef responded by reaffirming the bank's unwavering commitment to both the tourism sector and environmental initiatives. He revealed that BML is contemplating the introduction of a loan facility specifically targeting these areas. Minister Thoriq and BML CEO Shareef reached a consensus on the necessity of collaborative efforts to advance both tourism and environmental conservation. They also pledged to support small and medium enterprise development.
In a separate discussion with MIB Chief Khumri, Minister Thoriq highlighted the critical role of the private sector in supporting the administration's development goals for the tourism sector and requested additional support from MIB to achieve these objectives. Speaking at the meeting, Khumri expressed the bank's enthusiasm for investing in the tourism sector and assured the minister of MIB's commitment to financing environmental protection and conservation efforts.
Both BML and MIB leaders agreed to collaborate with the tourism and environment ministry to support initiatives aimed at tourism development and environmental protection. The meetings also explored strategies to accelerate the nation's economic growth, according to the ministry.