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BML offers short-term financing to support tourism sector

Fathmath Shaahunaz
15 March 2020, MVT 11:36
BML's CEO and MD Tim Sawyer (L) and MATI's Secretary General Ahmed Nazeer announces short-term financing facility to support the tourism sector, to mitigate the risks posed by the COVID-19 outbreak. PHOTO: AHMED AWSHAN ILYAS / MIHAARU
Fathmath Shaahunaz
15 March 2020, MVT 11:36

Bank of Maldives (BML), in collaboration with Ministry of Tourism and Maldives Association of Tourism Industry (MATI), announced a short-term financing solution to support the tourism industry on Sunday.

According to the main bank of Maldives, operational resorts and guesthouses will receive finance up to USD 2 million to manage their working capital requirements, with a repayment period of three years.

The financing solution was introduced to mitigate the risks posed by the COVID-19 outbreak to the tourism industry, on which Maldives is economically dependant.

“Although any impact will depend on the extent and duration of the outbreak, our tourism industry and local businesses are already facing an unprecedented set of challenges. As the national bank, it is our responsibility to support these businesses through this period. Together with our partners, the short-term financing solution announced today will help manage working capital requirements, to cushion the impact", said BML's CEO and Managing Director Tim Sawyer.

The bank advises customers to get in touch with their Relationship Manager, visit any BML branch or call the bank’s Contact Centre at +960 3330200 to apply for the facility and further details.

BML also unveiled a new unsecured Working Capital financing to support short-term funding needs to Small-and-Medium Enterprises earlier this week.

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