Bank of Maldives (BML) has approved relief loans to 360 businesses, as part of the economic relief package introduced by the government to assist businesses affected by the COVID-19 pandemic.
Statistics of the Ministry of Finance indicates the BML has received applications for relief loans from 542 businesses classified as large businesses, of which 360 applications have been approved. The statistics also revealed loans amounting to a total of USD 35.9 million have been disbursed to 322 businesses so far.
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.