Bank of Maldives Plc on Sunday introduced a new loan product to support victims of disasters to rebuild their homes.
The BML Disaster Relief Loan, which is a joint initiative with the National Disaster Management Centre (NDMC), was launched at a ceremony held Sunday morning.
According to BML, the new loan product is aimed at individuals whose homes have been damaged during major incidents such as storms, flooding, tidal surges, tsunamis and fire.
The bank added that the loan scheme will also provide financing for victims of such disasters, so that affected families can return to their normal lives as soon as possible.
Speaking about the new loan product, BML Retail Banking Director Mohamed Shareef said that “the BML Disaster Relief Loan is part of our commitment to support the communities we serve”.
He added that “we hope this loan product, which is being launched in collaboration with the National Disaster Management Centre, will make an important contribution to helping families affected by disasters when they most need support”.
Under the scheme, the government would provide a contribution of 40% of the total amount as equity, while the bank will provide a loan that covers 60% of the project amount, up to a total of MVR510,000.