The national bank, Bank of Maldives (BML) has introduced a new guest-house financing scheme aimed at Haa Alifu Atoll. The scheme was introduced a special ceremony held in Filladhoo, Haa Alifu Atoll, on Monday.
Guesthouse financing is already a loan model offered by the bank. According to BML, the newly introduced financing option for Haa Alifu Atoll is specifically designed for the atoll.
BML’s Chief Executive Officer Mohamed Shareef said those who wish to enter the guesthouse business and existing guest house business owners can apply for financing under the loan scheme. While there is no need for additional security, funds can be obtained instead by mortgaging the guesthouse itself.
Shareef said the initiative is part of BML’s broader efforts to support tourism and environmental projects.
“More than USD 400 million has been financed in the last five years for resort development, which reflects the importance the bank attaches to tourism development,” Shareef said.
BML teams will visit islands in Haa Alifu Atoll to provide information on the financing model to local residents.