Govt. issues COVID-19 relief loans worth MVR 475.5M through BML

A Resort in the Maldives. (Photo/

The government has issued loans worth MVR 475.5 million through Bank of Maldives (BML) for around 330 businesses.

BML has seen 542 applications for loans due to the COVID-19 economic situation. Finance Ministry statistics show that USD 6 million has also been issued as loans to businesses. 

Approvals of loans for 367 businesses have so far been made by the Ministry. Under COVID-19 relief schemes, resorts are issued loans of MVR 7.7 million while other businesses are issued loans worth MVR 1 million.

SDFC has also issued loans worth MVR 198 million for small and medium-sized businesses as well as freelancers in the country.

Customers wear masks as they wait outside a shop in Male' City on June 1, 2020. (Sun Photo/Fayaz Moosa)

The statistics by the Finance Ministry show that 1,427 individuals were issued loans up until July 27. This is out of 2,983 applicants. Due to various reasons, 432 applications were also rejected.

A total of 219 SMEs in the tourism industry were issued loans worth MVR 50.4 million while MVR 18.2 million in loans were issued to 71 businesses involved in the transport sector. 

A total of 11 businesses operating in agriculture were also issued loans worth MVR 1.7 million while 152 businesses involved in the construction industry were issued loans of MVR 40.6 million. 18 businesses from the fisheries sector were also issued loans of MVR 3.2 million while 86 businesses in the manufacturing industry were issued loans of MVR 16.1 million.

Ministry statistics show that 151 female freelancers were also issued loans of MVR 1.4 million while 159 businesses run by women were also issued loans of MVR 28.3 million.