The government has released MVR 568 million to 330 recipients as part of the state’s COVID-19 recovery scheme.
This includes MVR 475.5 million and USD 6 million and was released as Bank of Maldives loans.
Only those financially affected by COVID-19 are eligible to apply for this loan scheme.
Finance Ministry data shows that a total of 542 individuals have applied for the loan scheme. It also showed that while 128 applicants were deemed ineligible for the scheme, 16 applications were rejected.
It added that 367 applications have been approved while 31 applications were currently under processing.
Out of the 367 applications approved, funds were released to 330 applicants.
The government introduced this scheme to mitigate the economical setbacks faced by the business and individuals because of the COVID-19 crisis.
The scheme issues up to MVR 7.7 million to resort operations while non-resort operations are eligible loans up to MVR 1 million.