Bank of Maldives has announced additional COVID-relief support for Small to Medium Enterprises (SMEs) through funding from the European Investment Bank (EIB).
As per the statement released by the BML, following the impact of COVID on the local economy, EIB approved the funding and signed a EUR 20 million loan agreement with the Ministry of Finance and Bank of Maldives in June 2020 to help sustain SMEs in the tourism and industry sectors in the country, and speed up post-COVID economic recovery.
The loan is provided from resources of the External Lending Mandate (ELM), benefitting from a Comprehensive Guarantee from the European Union.
Minister of Finance, Ibrahim Ameer thanked EIB for its cooperation on behalf of the government and people of Maldives and highlighted that the facility is the first COVID-19 response related operation of the EU bank signed in Asia which is a testament to the strong relationship.
BML states that the new EIB COVID Relief Loan announced today is available to SMEs with fewer than 3,000 employees. Businesses can finance projects up to MVR 15.42 million at a preferential, lower interest rate and longer maturity than currently available.
As per the statement released by the BML, following the impact of COVID on the local economy, EIB approved the funding and signed a EUR 20 million loan agreement with the Ministry of Finance and Bank of Maldives in June 2020 to help sustain SMEs in the tourism and industry sectors in the country, and speed up post-COVID economic recovery.
Following the impact of Covid-19 on the local economy, we are offering support for SMEs through funding from the European Investment Bank with a new @EIB COVID Relief Loan announced today.
— Bank of Maldives (@bankofmaldives) November 11, 2020
More details: https://t.co/vJX5NnMS1e pic.twitter.com/Eft1On4zVr
The loan is provided from resources of the External Lending Mandate (ELM), benefitting from a Comprehensive Guarantee from the European Union.
Minister of Finance, Ibrahim Ameer thanked EIB for its cooperation on behalf of the government and people of Maldives and highlighted that the facility is the first COVID-19 response related operation of the EU bank signed in Asia which is a testament to the strong relationship.
BML states that the new EIB COVID Relief Loan announced today is available to SMEs with fewer than 3,000 employees. Businesses can finance projects up to MVR 15.42 million at a preferential, lower interest rate and longer maturity than currently available.
