Bank of Maldives (BML) has issued MVR 486 Million for large businesses operating in the Maldives, which has been affected by COVID-19, under the Economic Recovery Scheme.
Eligible parties for the Economic recovery Scheme include resorts and businesses which generate a yearly turnover of 10 million. According to the information published on the finance ministry’s website, 552 businesses have applied for an economic recovery scheme until Sunday. The ministry has decided to issue the loan to 368 businesses.
Among the 552 applicants, 127 applications do not meet the conditions while 42 applications are on process. Under the COVID recovery scheme, it has been decided to issue loans for resorts up to MVR 7.7 million and MVR 1 million business.
When issuing the loans for businesses in the tourism industry and businesses which generate more than MVR 10 million yearly, conditions such as statistics of Maldivian ownership and employment are considered. According to the ministry, businesses with 45% or more Maldivian employment will be given priority while issuing loans.