Bank of Maldives (BML) has signed a private sector loan agreement for USD 10 million with the OPEC Fund for International Development.
The loan negotiated by IFC is intended to solve the crisis caused to the tourism industry by the COVID-19 pandemic, and it will be utilized to assist Small-Medium Enterprises (SMEs) in the tourism and service sectors in the Maldives.
BML CEO and Managing Director Tim Sawyer stated that the loan was received at an ideal moment as BML was bolstering resources for its COVID-19 response for the tourism and commercial sectors that had been badly impacted by the pandemic.
He also stated that BML took the initiative in limiting the effects of COVID-19 on enterprises and that the support from the OPEC Fund would help them as the country continues on its path to recovery.
This comes as the Maldivian government anticipates favorable economic developments in 2022 and 2023, which will result in the country’s exit from the recession and a return to pre-recession levels of economic activity.
At a news conference last month, Finance Minister Ibrahim Ameer said that the Maldives is ahead of similar countries in terms of economic recovery. He also stated that the global community has extensively acknowledged this.