Ministry of Finance has revealed Bank of Maldives (BML) has disbursed over USD 32 million for businesses under the COVID-19 Recovery Loan Scheme.
As per the statistics of the finance ministry, BML provided loans amounting to USD 32.6 million for 346 businesses as of August 20. The statistics show that 554 businesses applied for the loans, of which 397 applications have been approved.
The government introduced an economic relief package to prevent local businesses from going bankrupt amid the COVID-19 pandemic. While loans for large businesses are issued by the BML, loans for small and medium enterprises (SMEs) and freelance workers are issued by SME Finance Development Corporation (SDFC). BML issues loans up to USD 500,000 for resort businesses and up to USD 65,000 for other businesses.