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COVID-19 Recovery Scheme

COVID-19 Recovery Scheme

As part of the government’s recovery plan due to the COVID-19 outbreak, Bank of Maldives has partnered with the Ministry of Finance to support the implementation of the COVID-19 Recovery Scheme.

To view the Ministry’s announcement, click here

This government scheme allows businesses financially affected by the COVID-19 pandemic to apply for financing. Bank of Maldives will administer the funds to all resorts, as well as any other businesses with over MVR 10 million turnover. This is an unsecured facility provided at 6% interest per annum with a repayment period of 3 years.

Eligibility criteria

The Ministry of Finance will provide the Bank a list of all business sectors and resorts that fit the Ministry’s criteria for the Recovery Scheme. In addition to this, the Bank will also require the following:

For businesses (non-resorts): 

For resorts:

How much can I borrow?

Loan Amount 

Repayment Period

How to apply

Please submit the completed application form along with the required documents via email to [email protected]

Documents required

In addition, the following need to be submitted: 

Sole Proprietor: 

Company / Partnership:

Useful downloads

COVID-19 Recovery Scheme Application Form English
FAQS- COVID-19 Recovery Scheme Dhivehi / English
Sample Board Resolution - COVID-19 Recovery Scheme English