Over the past five years, the bank has provided more than USD 400m in financing for resort projects, with loans to resorts currently standing at around MVR 6 billion.
Bank of Maldives (BML) is prepared to provide comprehensive financial solutions to support the country’s tourism development at every stage, its CEO and managing director, Mohamed Shareef, said last night.
Speaking at the Maldives Association of Tourism Industry’s (MATI) 35th Annual General Meeting, held at Kurumba Maldives, Shareef highlighted BML’s strong financial position, extensive banking network, and products tailored specifically for the tourism sector.
As the largest bank in the Maldives, BML processes more than 150 million financial transactions annually, worth around MVR 500bn, Shareef said. This includes a significant number of US dollar transactions to support tourism businesses.
With total assets exceeding MVR 48 billion and a capital adequacy ratio of 57 percent, BML has played a key role in financing the country’s tourism industry while maintaining financial stability, he said.
Over the past five years, the bank has provided more than USD 400m in financing for resort projects, with loans to resorts currently standing at around MVR 6 billion.
Beyond resort development financing, BML has introduced working capital, business financing, and digital payment solutions to ensure seamless transactions for both tourism businesses and tourists.
At the MATI Annual General Meeting, BML also introduced a green resort financing facility, offering up to MVR 50m at a low interest rate of 6.5 percent per annum to support environmentally friendly projects.
Additionally, the bank has launched a short-term overdraft facility to provide easy access to working capital.
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