Bank of Maldives has provided loans to 34 businesses in the Maldives as part of the government’s relief packages due to the negative impact of COVID-19 on the economy.
BML is set to finance businesses in the country with recovery loans. The businesses include resorts and businesses with a revenue of MVR 10 million annually.
The loans totaling MVR 45 million were provided to 34 businesses in the country. In a statement issued, BML stated that 63 loan documents were forwarded to customers after the approval from the Finance Ministry were forwarded to customers. Loans were provided to 34 businesses that completed the documents and submitted them to the bank.
BML requested customers to speed up the submission in order to finish the process quicker.
The relief loans are issued with a 6 percent interest rate and are to be repaid within three years. During the grace period, interest and principal payments do not have to be paid.