Maldives requests assistance through SBI for tourism development

The Maldives has requested financial assistance through State Bank of India (SBI) for the development of its tourism sector.

During a meeting today between President Yameen Abdul Gayoom, who is presently in India on an official visit, and Indian Prime Minister Manmohan Singh, President Yameen requested financial assistance for the expansion and development of the tourism sector of the Maldives.

During this meeting, Meedhoo MP and Chairman of Sun Hotels and Resorts Ahmed Siyam Mohamed said that SBI provides generous assistance to the tourism sector of the Maldives.

“During today’s meeting, we requested financial assistance through SBI for tourism development. The response was positive,” said Siyam.

He said that large sums of money are required to develop the numerous islands that have been leased for resort development in the Maldives.

Minister of Tourism, Arts and Culture Ahmed Adheeb, who also participated in the meeting, said that the purpose of requesting SBI’s assistance is to finance incomplete resort development projects.

SBI, the first bank to be established in the Maldives, has three offices in the country and provides generous assistance to private businesses thereby contributing to the economic development of the country.