Bank of Maldives (BML) has introduced a short-term financing facility for the tourism industry in the wake of the COVID-19 Corona Virus outbreak.

A press statement issued by the bank said that amid the global pandemic, the bank aims to mitigate the economic impact on the Maldivian tourism industry by working with the Ministry of Tourism and the Maldives Association of Tourism Industry (MATI) to provide a short-term financing solution.

The financing solution allows operational resorts and guesthouses finance up to US$2 million to manage their working capital requirements, with a repayment period of 3 years.

“Although any impact will depend on the extent and duration of the outbreak, our tourism industry and local businesses are already facing an unprecedented set of challenges. As the national bank, it is our responsibility to support these businesses through this period. Together with our partners, the short-term financing solution announced today will help manage working capital requirements, to cushion the impact.” CEO and Managing Director of BML, Tim Sawyer said.

To apply for the facility and for further details, customers can get in touch with their Relationship Manager, visit the nearest branch or call the Bank’s Contact Center at 3330200.

Earlier this week, the bank announced its new unsecured Working Capital financing to support short-term funding needs for Small to Medium businesses.