The EU bank is to lend €20 million to help sustain SMEs operating in the tourism and industry sectors in the Maldives. The loan is a part of Team Europe efforts to speed up the post-COVID-19 economic recovery of the Maldives, improve access to finance and reinforce the local banking sector.
On this occasion Bank of Maldives CEO and Managing Director, Tim Sawyer said “We have been working closely with the government in implementing measures to support businesses affected by the COVID-19 pandemic. The funding from EIB will give us the opportunity to extend this support further as the country progresses in its economic recovery efforts. We are delighted EIB was able to respond so swiftly to the challenges facing the Maldives in this unprecedented global situation. We look forward to continuing our work with the government to support sectors most affected by this crisis, build resilience and promote sustainable development.”