BML to Administer Funds for the Government’s COVID-19 Recovery Scheme

As part of the Government’s recovery plan due to the COVID-19 outbreak, Bank of Maldives has announced that it will support the Ministry of Finance in the implementation of the COVID-19 Recovery Scheme.

This scheme allows individuals, cooperatives and businesses financially affected by the COVID-19 pandemic to apply for financing to meet working capital requirements.

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Bank of Maldives will administer the funds allocated to resorts, as well as any other businesses with over MVR 10 million turnover. This is an unsecured facility provided at 6% interest per annum for 3 year period, including a grace period of 6 months during which no interest or principal payments will be made.

Businesses that are outside this category can access the COVID-19 Recovery Scheme through other financial institutions.

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