Ministry of Finance has revealed COVID-19 relief loans funded by the European Investment Bank (EIB) have been released by Bank of Maldives (BML) to 58 businesses.
EIB COVID-19 relief loans were introduced by BML as part of efforts to assist Small and Medium Enterprises (SMEs) affected by the COVID-19 pandemic. BML opened applications for the loans in December 2020.
Speaking at a press conference, Minister of Finance Ibrahim Ameer revealed BML has released EIB COVID-19 relief loans to 58 businesses, which employ a combined total of 1,458 people. He noted EIB has provided a total of USD 24 million for the COVID-19 relief loans to be disbursed among SMEs.
BML had opened application for loans up to USD 1 million under the EIB COVID-19 relief loan package. The loans are issued at an interest rate of 6%, with a repayment period of 4-7 years.
The finance ministry revealed efforts are ongoing with EIB to stimulate the economy and seek additional financial assistance for local businesses. As such, the ministry revealed additional schemes will be announced by BML early next month.