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Banks issued loans exceed MVR 20 bln

The loans issued to private entities and companies for the past three years by local banks have exceeded more than MVR 20 billion.

According to National Planning the total amount of loans issued for tourism sector in 2017 had reached MVR 8.1 billion.

From the total amount issued to various entities, individuals and companies for resort development projects in 2017 MVR 2.9 billion was catered for new resort development projects and another billion was issued for resort renovations.

Local banks had issued more than MVR 500 million to the fisheries industry and another MVR 3.7 billion to local construction industry. A total of MVR 3.1 billion was issued to retail and wholesale businesses.

Statistics indicate the loans issued to fisheries industry had receded by 3.5% in 2017 whereas the construction industry saw a hike by 11.2% in loans issued by banks and a 12% bump for tourism sector.