Bank of Maldives BML has today announced additional COVID-relief support for Small to Medium Enterprises (SMEs) through funding from the European Investment Bank (EIB).
BML said that 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.
It said that the loan is provided from resources of the External Lending Mandate (ELM), benefitting from a Comprehensive Guarantee from the European Union.
It noted that the Minister of Finance, Ibrahim Ameer thanked EIB for its cooperation on behalf of the government and people of Maldives and highlighted that the facility is the first COVID-19 response-related operation of the EU bank signed in Asia which is a testament to the strong relationship.
BML said that the new EIB COVID Relief Loan announced today is available to SMEs with fewer than 3,000 employees.
It said that 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.
