Tourism industry situation due to virus, worst in history

Maldives Association of Tourism Industry (MATI) secretary-general Ahmed Nazeer has described the current situation faced by the industry due to the Covid-19 disease as the worst in the industry history.

Speaking at a function regarding the BML’s short term financing facilities, introduced with the Tourism Ministry, Nazeer hailed the importance of such a financing scheme to the industry in this situation.

The virus declared as a pandemic by WHO is expected to affect the tourism industry the worst. Rumors and resorts cutting down on staff numbers and sending employees on no-pay leaves are currently circulating.

“About a month ago, BML made a proposal to MATI, regarding how the bank can assist members. The Financing scheme is not just for MATI members, it is an opportunity for all establishments operating in the industry,” said Nazeer.

The financing scheme will see the bank lend up to USD 2 million to resorts and guesthouses as working capital. The amount is to be paid back to the bank within three years.

Nazeer stated that the scheme would alleviate some of the pressure faced to the cashflow of the establishments.

BML’s CEO Tim Sawyer also stated that as the national bank, it was seen as a responsibility of the bank to do something to benefit the economy of the nation.

Additional information regarding the scheme will be made available by contacting the bank via 3330200.