BML introduces Green Resort Financing to support sustainable practices

The Bank of Maldives (BML) has launched Green Resort Financing – a facility designed to support resort investments in sustainable practices.

The new financing facility was launched by BML’s CEO and Managing Director, Mohamed Shareef and Chairman of Crown and Champa Resorts, Hussain Afeef during the Maldives Association of Tourism Industry’s (MATI) Annual General Meeting held on Sunday evening.

According to BML, the Green Resort Financing facility provides resorts with funding to implement sustainable business practices including coastal protection, energy-efficient equipment, reforestation, and waste management.

Key features:

• Overdraft facility of up to MVR 50 million
• Competitive interest rate of 6.5 percent per annum
• Flexible repayments through card collections

Speaking at the event, Shareef reiterated the bank’s commitment to supporting the Maldives’ tourism industry.

“As the largest and the leading bank in the country, we are here to support our tourism industry with tailored banking and payment solutions,” he said. “The Green Resort Finance facility is designed to provide resorts with the financial flexibility needed to implement sustainable solutions while ensuring operational efficiency.”

Shareef said that the bank has provided over USD 400 million in financing to resorts over the last five years.

He said that the active loans to resorts amount to around MVR 6 billion.

Shareef said that in addition to financing the development of resorts, the bank also provides working capital, business financing and digital payment solutions to ensure uninterrupted services to both businesses and tourists.

He said that the bank is equipped with total banking solutions and ready to support the tourism industry at any and every stage.