Government Funds MVR45 million to 34 Businesses

Wednesday 6th of May 2020

Government Funds MVR45 million to 34 Businesses

The Relief Fund, established for citizens facing financial difficulties in the pandemic and businesses, has provided MVR45 million to 34 businesses through Bank of Maldives. According to BML, loans were provided to resorts and businesses with an annual income of 10 million. BML stated that 63 approvals were given to businesses for loans.

The interest on these loans are charged 6% every year and there is a 6 month grace period. For full repayment, borrowers are given a period of 3 years. During the grace period, interest and principal payment does not have to be paid.

Even during lockdown, BML continues to provide essential banking services. ‘All our branches and service centres remain closed and we encourage our customers to bank from home for everyday banking during the lockdown period enforced by the government.’ Essential services are provided on banking days, from 9.30am to 12.00pm.

More info: https://www.bankofmaldives.com.mv/working-hours-during-lockdown