Bank of Maldives BML has started accepting applications for the EIB COVID Relied Loan launched under the COVID-relief support for Small to Medium Enterprises (SMEs) through funding from the European Investment Bank (EIB), facilitated by the Government of Maldives.

Businesses can finance projects up to MVR 15.42 million at a lower interest rate of 6 percent with a repayment period of 4-7 years.

The Application Form along with the required documents can be sent via email to [email protected].

The Bank had said that 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.

The Bank had also said that the loan 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.