The European Union (EU) has provided USD 2.25 million as a grant aid for tourism sector Micro, Small and Medium Enterprises (MSMEs) to recover from COVID-19 crisis, with the objective of enabling a more resilient and a diversified economy in the Maldives.
The “EU Support for a Resilient Recovery of SME Tourism Industry in the Maldives” project has allocated a grant of USD 2.25 million to help tourism sector MSMEs, with USD 1.58 million dedicated for a direct transfer component. The grant scheme commenced on December 15, 2021, and the application window is open for a 6-month period.
The EU stated the overall objective of the project is to enable the Maldives to create a more resilient and diversified economy by enabling tourism sector MSMEs to recover from the COVID-19 crisis that has resulted in significant need of financial assistance to kick start operations to coincide with economic recovery efforts. Accordingly, the EU said the grant amount has been set at USD 158 per each bed operated by the eligible SMEs.
Application forms for the grant are to be submitted via the online portal https://eusupport.mfmc.mv. The EU said applications will generally be processed within 14 working days.
To be eligible for the grant, the applicant should be a local individual, sole proprietorship, partnership, or company registered and doing business in the Maldives in the guesthouse/safari sector. Guesthouse or safari vessel must be registered, with a valid operating license as of December 2019, January 2020 or February 2020. Guesthouses or safari vessels with 40 beds or less will be eligible to apply for the grant.