Bank of Maldives (BML) has introduced short-term financing solutions in collaboration with the Ministry of Tourism and the Maldives Tourism Industry Association (MATI) to counter the economic impact of Covid-19 on the Maldives tourism sector.
Resorts and guest houses can apply for funding of up to $ 2 million to be repaid within three years.
Highlighting the economic consequences of the Covid-19 pandemic on the country’s tourism, BML CEO and Managing Director Tim Sawyer said it is BML’s responsibility to ensure the well-being of the tourism market in the country. country as the country’s national bank.
While any impact will depend on the extent and duration of the outbreak, our tourism industry and local businesses are already facing an unprecedented set of challenges. As a national bank, it is our responsibility to support these companies during this period. In collaboration with our partners, the short-term financing solution announced today will help manage working capital needs, to cushion the impact.
Bank of Maldives CEO and Managing Director Tim Sawyer
Customers are advised to contact their account manager or visit the nearest branch to request the facility or call the Bank’s contact center on 3330200 for more details.
Last week, BML launched a new unsecured working capital finance facility that provides short-term financing to small and medium-sized businesses.