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COVID-19 Recovery Loan Scheme For Large Businesses

As part of the economic relief package pertaining to the COVID-19 outbreak, the Ministry of Finance has partnered with the Bank of Maldives to support the implementation of the COVID-19 Recovery Scheme.

This scheme allows resorts and businesses registered in the Maldives with over MVR 10 million turnover in 2019, who are financially affected by the COVID-19 pandemic, to apply for financing.

For eligible businesses, this is an unsecured facility provided at 6% interest per annum for a 3-year period, including a maximum 6-month grace period in which no interest and principal payment will be made. Funding is contingent on no layoffs of local employees due to COVID-19 outbreak at the time of application.

COVID-19 BML Loan Applications

Data as at: 28 January 2021
Total 602
Approved 441
Rejected 20
Processing 0
Incomplete & Ineligible 141


Data as at: 28 January 2021
Disbursed (no. issued)
Million MVR
Million USD