Bank of Maldives (BML) has announced a series of positive changes to its financing products, aimed at supporting business growth and expansion across the country.

Under the new changes, the minimum equity requirement for real estate financing has been reduced from 30 to 20 percent, while the payment period has been extended from 15 to 20 years. Long-term lessees, contractors, real estate developers, companies, government institutions, and other registered legal entities can now apply for financing to construct projects under long-term lease agreements.

For guest house financing, the guest house proposed for financing can now be listed as sole security. Guest houses that have been in operation for over two years can access financing at an interest rate of 11%, while new guest houses can do so at 12 percent.

Working capital financing has also been improved, allowing businesses to secure financing up to 2.5 times their average monthly sales. Additionally, eligibility criteria have been relaxed to accommodate a wider range of businesses.

BML’s CEO and Managing Director, Mohamed Shareef, emphasised the significance of these changes, stating that the announcement represents a significant step forward in our commitment to the Maldivian business community.

"By making financing more accessible and offering improved terms across multiple sectors, we are providing businesses with the financial support they need to expand, innovate, and thrive in today's dynamic market," Shareef said.