Bank of Maldives (BML) has announced a short-term financing solution to support the tourism sector.
During the uncertainty facing the COVID-19 outbreak globally, and to mitigate the risks to the country's largest industry, Bank of Maldives (BML) together with the Ministry of Tourism and the Maldives Association of Tourism Industry (MATI) has announced a short-term financing solution to support the tourism sector. BML said the financing solution allows operational resorts and guesthouses to finance up to 2 million US dollars to manage their working capital requirements, with a repayment period of 3 years.
CEO and Managing Director of BML Tim Sawyer stated although any impact will depend on the extent and duration of the outbreak, the tourism industry and local businesses are already facing an unprecedented set of challenges. Sawyer noted it is the responsibility of the national bank to support these businesses through this period. He said the short-term financing solution will help manage working capital requirements, to cushion the impact.
BML has also announced its new unsecured Working Capital financing to support short-term funding needs to small-to-medium businesses.