BML launches MVR 500 million Green Fund

Bank of Maldives (BML) has launched a MVR 500 million “Green Fund” to encourage individuals and businesses to invest in renewable energy, leading to low emission development in the Maldives.

The bank said that the purpose of the concessional loan finance scheme, which has been endorsed by Ministry of Environment and Energy, was to encourage investment in environment-friendly green technologies.

CEO and Managing Director Andrew Healy said, “We are delighted to work with the Ministry of Environment and Energy to support the critically important climate change agenda. We are proud to announce the BML Green Fund which will encourage individuals and businesses to invest in green technology, thereby contributing to this agenda”.

Minister of Environment and Energy Thorig Ibrahim said that BML’s initiative would bolster Maldives’ international leadership, as the Chair of Alliance of Small Island States (AOSIS), to mitigate the adverse impacts of climate change, and assist Maldives in its efforts to meet emission reduction targets and promote clean energy.