Bank of Maldives (BML) on Wednesday opened applications for the 'EIB COVID Relief Loan', to provide COVID-relief support for Small and Medium Enterprises (SMEs).
The relief loans are funded by the European Investment Bank (EIB), through an agreement signed with BML and the Ministry of Finance in June this year. Under the contract, EIB granted a loan of EUR 20 million, provided from resources of the External Lending Mandate (ELM) benefitting from a Comprehensive Guarantee from the European Union (EU).
The loan aims to provide financial relief to SMEs in the fields of tourism and industry, to alleviate the impact of the ongoing COVID-19 pandemic, and support economic recovery.
BML declared that businesses can borrow loans of up to MVR 15.42 million at an interest rate of six percent with a repayment period of 4-7 years, under the EIB COVID Relief Loan scheme.
Applicants are to email their application forms, along with the required documents, to [email protected]
Further information is available on BML's website at: https://www.bankofmaldives.com.mv/eib-covid-relief-loan-scheme
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