Bank of Maldives BML says it has today stopped accepting new applications for the EIB COVID Relief Loan.

In a brief statement, BML said that it stopped accepting applications for loans as the allocated fund limit has now been reached.

BML said that the loan was 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.

This is the second time the bank had stopped accepting applications for the relief loan after re-opening the application process earlier this month.

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.