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BML issues MVR 1.3 billion as loans amid pandemic

Mariyam Malsa
14 September 2020, MVT 13:08
Bank of Maldives (BML) branch on Boduthakurufaanu Magu. PHOTO: HUSSAIN WAHEED/ MIHAARU
Mariyam Malsa
14 September 2020, MVT 13:08

Bank of Maldives (BML), on Sunday, revealed that it had issued loans worth MVR 1.2 billion to various sectors facing economic repercussions due to the ongoing COVID-19 pandemic.

BML's CEO and Managing Director Tim Sawyer confirmed the figures during a virtual press conference.

Sawyer stated that BML continued to disburse loans to resorts and guesthouses under the Ministry of Finance's COVID-19 Recovery Scheme Fund, with the bank having approved MVR 769 million for 397 loans by the end of August.

The aforementioned funds were paid out to resorts and businesses with a minimum turnover of MVR 10 million.

Furthermore, BML has introduced a short-term financing facility in order to support businesses in the Maldivian tourism industry to overcome potential difficulties. Resorts and guesthouses can secure up to USD 2 million (MVR 30 million) using the facility.

"The bank issued USD 4.57 million and MVR 125.29 million as short term finance by the end of August. Additionally, MVR 400 million was disbursed to businesses as working capital", said Sawyer.

The BML CEO also reiterated the bank's commitment to offering assistance to Maldivian citizens amid efforts to address the COVID-19 pandemic.

"Although the pandemic is not expected to end in the nearby future, the bank is committed to ensuring assistance to customers and offering uninterrupted services. Bank of Maldives will remain standing alongside the Maldivian people no matter what".

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