Bank of Maldives confirm issuing a total of MVR526.2 million towards larger companies amid Covid-19 pandemic.
Moreover, loans from the bank issued under “Recovery Loan Scheme” have been disbursed to a total of 371 entities as of 17 September 2020.
Ministry of Finance reports the statistical update accordingly.
On the other hand, the ministry reports the loans are worth USD7.5 million.
According to BML the loans will have 6% interest, spread for a 3-year repayment period along with six months of grace period.
Additionally, Ministry of Finance reports a total of 566 loan applicants as of 17 September.
Meanwhile 405 applicants meet necessary requirements, with approval given for disbursement.
Out of the total applicants, BML rejected 18 parties due to various reasons.
Furthermore, 9 entities remain in pending as bank have yet to decide towards issuing them.
Earlier, Maldives government made announcement of the “Recovery Loan Scheme” in order to provide financial assistance for local businesses.
Many of the country’s businesses found themselves hitting blockades as economy winded down in light of the global pandemic.