MVR 30 mln loan issued for Thoddoo tourism development

The SME Development Bank (SDFC) has provided an MVR 30 million loan to develop the guesthouse business in Thoddoo Island.

Thoddoo Island Council President Ahmed Karam said the SME Bank played an essential role in the sudden increase in guesthouses in the island.

"The SME Bank played the most important role in the development of the guesthouses on the island. This must be acknowledged and noted. This is a larger amount compared to the loans issued by Bank of Maldives (BML)," Karam said.

Karam said the guesthouse business in Thoddoo is expected to expand further in the coming years.

"The market has declined due to the Russian war, but it is expected to improve. Therefore, more guesthouse beds will be added very soon," Karam said.

According to the latest statistics released by the Tourism Ministry, Thoddoo has the second largest number of guesthouses in the Maldives. There are more than 53 guesthouses on the island.