Bank of Maldives BML says that it has now re-started accepting applications for the European Investment Bank (EIB) COVIDrelief loan.
BML said that the EIB COVID Relief Loan scheme on 11th November 2020 and given that the allocated fund limit was reached, the application process was temporarily closed on 29th December 2020 until the review process was completed.
BML said that as funds remain after evaluating the applications received, it has now re-started accepting applications for the EIB COVID Relief Loan under the COVID-relief support for SMEs through funding from EIB facilitated by the Government of Maldives.
BML said that applicants can sent the application form along with the required documents can be sent via email before 31st March 2021.
The Bank had said that 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.
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.
The loan is provided from resources of the External LendingMandate (ELM), benefitting from a Comprehensive Guarantee from the European Union.
