CEO of Bank of Maldives BML Time Sawyer says it has issued MVR 1.2 billion as loans amid the COVID-19 pandemic that has devastated the country’s economy.
Sawyer made the comments while speaking to the local media via Zoom about the measures undertaken by the Bank in the Maldives during the prolonged economic hardships brought on due to the pandemic.
In this regard, Sawyer said that the bank had introduced a short-term financing facility to the tourism sector to mitigate the damages brought on by the pandemic.
He said the BML had issued loans up to MVR 2 million under this facility and have financed several resorts and guesthouses.
Sawyer said till last August, BML had issued USD 4.57 million and MVR 125.29 million as short-term finances. He added that the BML had released MVR 400 million to businesses as working capital to help them sustain their income during these trying times.
The bank’s CEO noted that BML was enabling the COVID-19 Recovery Scheme Fund initiated by the Finance Ministry to assist resorts and guesthouses that had a turnover of less than MVR 10 million. He said till the 31st of last month, the bank had approved MVR 769 million for 397 loan applications.
Sawyer said that as it does not look like the fight against the pandemic would end soon, the bank was working to find more ways to assist its customers and find ways to ensure continued services amid the pandemic. Sawyer assured that the Bank of Maldives would continue to serve the citizens of the Maldives under all circumstances.
