MVR 486M issued as loans for businesses through BML

Workers wear masks and gloves as they transport shipments of food to shops in Male' City. (Sun Photo/Fayaz Moosa)

Bank of Maldives has released MVR 486 million for 335 businesses as part of the government’s COVID-19 relief loans for businesses negatively impacted due to COVID-19.

Statistics published by the Finance Ministry show that by August 9, BML had issued USD 6.5 million as loans to businesses. 

 In total, 552 businesses had applied for loans to BML and the Ministry has approved loans for 368 businesses. 15 applications were also rejected for various reasons. 

Resort establishments will be issued loans of up to MVR 7.7 million while other businesses are issued loans of MVR 1 million. 

The government had taken the initiative in reducing the economic impact of COVID-19 with the introduction of the relief loan schemes.