Bank of Maldives (BML) has approved loans for 441 applicants under their Covid-19 Recovery Scheme.

According to statistics publicized by the Ministry of Finance, MVR 585.9 million and a total of USD 8 million had been disbursed through 419 loans issued on behalf of BML by 14 January.

Finance Ministry statistics also show that a total of 602 businesses had applied for the loans, out of which applications from 441 parties had been approved. 20 applications were rejected. and 141 applications were disqualified as incomplete and ineligible.

BML's Covid-19 Recovery Scheme provides loans to resorts and businesses affected by the pandemic which meet prerequisite conditions, and is contingent on businesses performing no layoffs of local employees due to Covid-19 at the time of applications.

For eligible businesses, BML's Covid-19 Recovery Loan Scheme provides an unsecured facility at 6 percent interest per annum for a 3-year period, including a maximum 6-month grace period in which no interest and principal payments need to be made.

The loans are being disbursed by BML in partnership with the Ministry of Finance, as part of the economic relief package pertaining to the Covid-19, in order to allow businesses hard-hit by the pandemic to continue operations and retain employees.