Bank of Maldives (BML) on Sunday, 13 September, reveals issuing a total of MVR1 billion in loans amid Covid-19 pandemic.
During a Zoom conference held on Sunday late afternoon, the bank’s CEO Tim Sawyer made the highlight noting assistance provided to local businesses and individuals amid the crisis.
Moreover, Sawyer highlights the short-term provisions made towards Maldivian tourism sector to offset damages.
Furthermore, the bank made issuance of over USD2 million towards local guesthouses and resorts under the economic recovery plans.
BML confirms issuing USD4.57 million and another MVR125.29 million in short-term financial provisions towards local businesses by August end.
Additionally, the bank has issued MVR400 million to several businesses as working capital amid the economic crisis.
Meanwhile the bank is assisting Maldives Ministry of Finance in their Economic Recovery Scheme.
Under the scheme resort establishments and guesthouses with a turnover of MVR10 million receive support.
As of 31 August 2020, the bank has approved MVR769 million for a total of 397 loan applications.
Since the pandemic outbreak in Maldives till end of previous month, the total loan issuance from BML stands at MVR1.2 billion.