- SBI offered many loans
- Bank key in economic development
- CEO assured of continued assistance
State Bank of India (SBI) becomes the first foreign bank to participate in the state run Credit Guarantee Scheme, initiated by the Government to boost financing for small to mid-sized businesses.
Speaking in the ceremony held last night in Hotel Jen to launch the Maldives Investment Forum in India this year, SBI CEO Shankar Narayan said the Bank had always had a stake in the country. He announced that SBI had participated in the Credit Guarantee Scheme initiated by Maldives Monetary Authority, noting the Bank was the first foreign one to do so.
He said SBI had always invested into the Maldives, assisting the country from economic crises. Narayan said SBI had invested US$ 100 million as investment bonds, adding that SBI branch had completely dedicated their resources to the Maldives.
"When the Government needed to overcome the economic crisis, [we] invested into bonds. Indian Government had extended 50 million credit facility," he said.
SBI had been operating in the Maldives from 1974. The bank had released US$ 341 million as loans.
