USD 550 million in loans for tourism in last five years

BML CEO Mohamed Shareef stated last night that the tourism industry received USD 550 million (MVR 8.4 billion) in loans over the last five years.

During the "Experience Maldives" campaign inauguration ceremony held last night, Shareef said that running the company in a sustainable manner is their top priority and that they've seen positive progress in the last few years.

"Our assets reach MVR 52 billion. That is more than 50 percent of the entire Maldivian banking sector. Our deposits reach MVR 34 billion. That is 52 percent of the money that has been deposited into the Maldivian banking sector," said Shareef.

Shareef went on to say that the loans released by BML reach MVR 23 billion. That is also 52 percent of the Maldivian banking sector, said Shareef.

Shareef stated that BML plays an important role in the progress of the Maldivian economy as the nation's largest company in the banking sector. He also said that the company plays an important role in the development of the tourism industry on a large scale.

BML's MD said that while the loan portfolio of resorts reaches MVR 8 billion, they will still endeavor to lend all possible help in ensuring that the industry achieves their goal of 2.3 million tourists this year.