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International Finance Corporation (IFC) has approved a loan of up to USD 50 million to the Bank of Maldives (BML).
IFC, a member of the World Bank Group, has offered the loan to provide financing for businesses impacted in the tourism sector. BML will utilise the funds to provide financing for the private sector, including small and medium enterprises in the tourism sector to help retain jobs and finance the businesses. Additionally, the funds will also be used to reduce the negative impact of the COVID-19 pandemic on the Maldivian economy.
The national bank said the financing will be offered in three phases and USD 20 million will be issued in loans in the first phase. BML stated it will enable businesses in the tourism sector sustain and improve access to finance and reinforce the sector.
The loan from IFC was approved in the first phase of crisis support for countries. IFC has invested over USD 200 million to develop the private sector of the Maldives since 1983.