Bank of Maldives (BML) has announced it will support the Ministry of Finance in the implementation of the COVID-19 Recovery Scheme.
The scheme launched by the government allows individuals, cooperatives and businesses financially affected by the COVID-19 pandemic to apply for financing to meet working capital requirements. BML will administer the funds allocated to resorts, as well as any other businesses with a turnover of over USD 649,000.
The national bank said it is an unsecured facility provided at 6% interest per annum for a 3 year period, including a grace period of 6 months during which no interest or principal payments will be made. Businesses that are outside the category can access the COVID-19 Recovery Scheme through other financial institutions, as outlined by the Ministry of Finance.