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.
| Count | |
|---|---|
| Total | 602 |
| Approved | 441 |
| Rejected | 20 |
| Processing | 0 |
| Incomplete & Ineligible | 141 |
