Bank of Maldives (BML) has released COVID-19 relief loans backed by the European Investment Bank (EIB) to 58 businesses, according to the Ministry of Finance.
BML introduced EIB COVID-19 relief loans in December 2020 as part of the government’s efforts to support Small and Medium Enterprises (SMEs) affected by the COVID-19 pandemic.
Finance Minister Ibrahim Ameer disclosed at a news conference that BML has provided EIB COVID-19 relief loans to 58 enterprises employing a total of 1,458 employees. He stated that the EIB has provided a total of USD 24 million for COVID-19 relief loans to be distributed to SMEs.
The finance ministry stated that efforts are being made in collaboration with the EIB to stimulate the economy and seek further financial help for local enterprises, which will be unveiled by BML with more specifics early next month.
BML has offered loans of up to USD 1 million under the EIB COVID-19 relief loan package. The loans are granted with a 6% interest rate and a repayment period of 4 to 7 years.