The Ministry of Finance has revealed that a total of MVR 486 million has been issued through the Bank of Maldives, under the government’s Recovery Loan Scheme for Small and Medium Enterprises (SMEs) due to the global Covid-19 pandemic.

Latest statistics publicized by the ministry on Monday reveal that the MVR 486 million in total was issued to 335 businesses, by August 6.

Further, USD 6.5 million was also issued to businesses under the Recovery Loan Scheme.

A total of 552 businesses had applied for loans through the national bank out of which 368 submissions were approved.

15 out of the total applications were rejected.

Further, a total of MVR 198 million was issued to 1,427 through the SME Development and Finance Corporation (SDFC). The amount remains unchanged since the last publication on July 27.

The ministry partnered with SDFC to administer the Covid-19 Recovery Scheme targeted towards SMEs and self-employed and freelance workers, as part of the government’s Economic Relief Package.

The scheme is being implemented via the “Viyafaari Ehee” loan introduced by SDFC and is targeted towards SMEs facing difficulties in meeting their operational requirements in the face of the Covid-19 crisis.