Bank of Maldives (BML) has issued MVR 475.6 Million and USD 6 million as loans to 330 companies under the COVID recovery scheme.
According to the statistics publicized by the Finance Ministry, 542 companies have applied for the COVID recovery scheme. Out of the 542 individuals, 128 are not eligible for the scheme. The report by the finance ministry further states that 16 companies have been rejected while 367 companies have been approved for the COVID recovery scheme. From these companies, 330 have been issued with the recovery loans. The ministry states that 31 applicants are now being processed for the loan.
The COVID Recovery Scheme was introduced to ease the economic struggles faced by the country as a whole. The main aim of this scheme is to provide financial support to the businesses operating in the Maldives that have been struggling financially to cover its expenses. The scheme also aims to sustain and boost the economy. While loans were provided in both MVR and USD, the total of the loans provided amounts to MVR 568 million.
Under the resorts category, the scheme can provide loans of up to MVR 7.7 million to resorts and MVR 1 million for businesses operating in the Maldives under the non-resorts category.
These loans are to be paid back within a period of 3 years while the interest rate for the loans is set at 6%.