As part of the government’s recovery plan due to the COVID-19 outbreak, Bank of Maldives partnered with the Ministry of Finance to support the implementation of the COVID-19 Recovery Scheme.
This scheme allowed businesses financially affected by the COVID-19 pandemic to apply for financing. Bank of Maldives administered 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 with a grace period of 6 month, during which no interest or principal payments have to be made.
With the uncertainties and continued challenges caused by COVID-19 pandemic, Ministry of Finance has announced the extension of the grace period to help sustain businesses and industry sectors in the country, and speed up post-COVID economic recovery.
Once application is received, Bank of Maldives and the Ministry of Finance will follow the loan criteria for evaluating the grace period extension.
For businesses (non-resorts):