BML to offer COVID relief financing for SMEs

Bank of Maldives (BML) on Wednesday announced additional COVID-relief support for Small to Medium Enterprises (SMEs) through funding from the European Investment Bank (EIB).

Following the impact of COVID on the local economy, EIB approved the funding and signed a EUR 20 million loan agreement with the Ministry of Finance and Bank of Maldives in June 2020 to help sustain SMEs in the tourism and industry sectors in the country, and speed up post-COVID economic recovery. The loan is provided from resources of the External Lending Mandate (ELM), benefitting from a Comprehensive Guarantee from the European Union.

The newly announced EIB COVID Relief Loan is available to SMEs with fewer than 3,000 employees. Businesses can finance projects up to MVR 15.42 million at a preferential, lower interest rate and longer maturity than currently available.

The Bank will publish details of the application process on its website.