MVR 115.8 million offered as loans under the economic recovery package thus far

The government has issued a total of MVR 115.8 million in loans under the economic relief scheme, thus far.

This was revealed by the Minister of Finance Ibrahim Ameer during a press briefing held at the National Emergency Operations Center (NEOC) on Saturday afternoon.

As such, the minister noted that the country’s national bank, Bank of Maldives (BML) had issued MVR 109.6 million as loan funds out of the total. The remainder, MVR 6.2 million was issued by the SME Development Finance Corporation (SDFC).

BML has thus far approved loans for 111 individuals out of which loans were sanctioned for 103 individuals.

However, the bank has issued a total of MVR 109.6 million in loans for a total of 83 individuals thus far.

Shedding light on the loan scheme initiated by SDFC, the minister noted that loans have been approved for 380 individuals and the amount totals MVR 72 million.

SDFC has issued MVR 6.2 million in loans for a total of 76 individuals thus far.

Under the economic recovery scheme initiated by the government for those who have been impacted by the Covid-19 pandemic, BML is to issue loans to resort businesses that have a turnover rate of over MVR 10 million annually.

SDFC will also be issuing loans to freelancers and self-employed persons.

SME's can apply for loans at SDFC, up to MVR 500,000 with an interest rate of 6% and a repayment period of three years. Other conditions include an annual income of less than MVR 10 million during 2019. Businesses that have terminated their employees during the pandemic are not eligible for the loan.