Tourism sector receives MVR 1.2 billion in loans over first 10 months

Maldives Monetary Authority (MMA) figures show that MVR 1.2 billion was disbursed in loans to the tourism sector in the first ten months of the year.

According to MMA, loans to the tourism sector stood at MVR 12.4 billion in January and rose to MVR 13.6 billion by October. Over the past five years, tourism has received the largest share of loans issued by Maldivian financial institutions.

More than 100 resorts are currently under development in the sector, which accounts for 67,000 beds, 65 percent of which are in resorts.

The second-highest loan allocation went to credit cards and private loans, totalling MVR 8.5 billion, followed closely by the construction sector with MVR 8.4 billion in disbursements.

Overall, MVR 46 billion has been lent across various sectors so far this year, marking an increase of MVR 3 billion over ten months. The agriculture sector received the least funding, with loans amounting to MVR 18 million.