BML authorized to issue State-funded SME loans at 7 percent interest

National bank – Bank of Maldives has been authorized to issue loans for Small and Medium Enterprises from the fund of MVR 50 million allocated for it by the State, with the interest for the loan scheme cut down to seven percent.

The contract for the arrangement was signed in a ceremony held at Radio Building on Thursday afternoon by Minister of Finance and Treasury, Ahmed Munawwar and CEO of BML, Andrew Healy.

The ceremony was also attended by Minister of Economic Development, Mohamed Saeed.

Speaking to press, Minister Saeed said that the State-funded SME loan’s interest had been reduced from nine to seven percent as per instructions of President Abdulla Yameen Abdul Gayoom to make it more accessible to interested parties.

Individual entrepreneurs will be awarded a maximum loan of MVR 500,000 while partnership enterprises will be issued maximum MVR 1.5 million.

Ministry of Economy announced on June 29 that 61 parties had been selected for the SME loans.

Saeed said that the loan money would be released through BML.