Bank of Maldives (BML) has revealed that the bank will support the Ministry of Finance in the implementation of the COVID-19 Economic Recovery Plan.
The scheme allows individuals, cooperatives and businesses financially affected by the COVID-19 pandemic to apply for financing to meet the working capital requirements.
According to a press release by BML, the bank will administer the funds allocated to resorts, as well as any other businesses with over MVR 10 million turnover. This is an unsecured facility provided at 6% interest per annum for a 3 year period, including a grace period of 6 months during which no interest or principal payments will be made.
Businesses that are outside this category can access the COVID-19 Recovery Scheme through other financial institutions, as outlined by the Ministry of Finance.
For more information go to: https://www.bankofmaldives.com.mv/covid-19-recovery-scheme