.Bank of Maldives (BML) has introduced short-term financing solutions in collaboration with the Ministry of Tourism and the Maldives Association of Tourism Industry (MATI) to counter the economic impact of Covid-19 on the Maldives' tourism sector.
Resorts and guesthouses can request funding up to USD two million to be repaid within three years.
Highlighting the economic consequences of the Covid-19 pandemic on the country's tourism, BML's CEO and Managing Director, Tim Sawyer stated that it is BML's responsibility to ensure the wellbeing of the country's tourism market as the country's national bank.
Although any impact will depend on the extent and duration of the outbreak, our tourism industry and local businesses are already facing an unprecedented set of challenges. As the national bank, it is our responsibility to support these businesses through this period. Together with our partners, the short-term financing solution announced today will help manage working capital requirements, to cushion the impact.Bank of Maldives CEO and MD, Tim Sawyer
Customers are instructed to contact their Relationship Manager or visit the nearest branch to apply for the facility or call the Bank’s Contact Centre at 3330200 for further details.
Last week, BML launched a new unsecured Working Capital Finance facility that offers short-term funding for Small-to-Medium businesses.
