During the uncertainty facing the current COVID-19 outbreak globally, and to mitigate the risks to the country's largest industry, the country's national bank, Bank of Maldives (BML) together with the Ministry of Tourism and the Maldives Association of Tourism Industry (MATI) has announced a short-term financing solution to support the tourism sector.
BML said the financing solution allows operational resorts and guesthouses finance up to US$ 2 million to manage their working capital requirements, with a repayment period of 3 years.
'Although any impact will pend on the extent and duration of the outbreak, our tourism industry and local businesses are already facing an unprecedented set of challenges. As the national bank, it is our responsibility to support these businesses through this period. Together with our partners, the short-term financing solutions announced today will help manage working capital requirements, to cushion the impact," BML CEO and MD, Tim Sawyer said.