During the uncertainty facing the coronavirus (COVID-19)
outbreak globally, and to mitigate the risks to the countrys largest industry,
Bank of Maldives together with the Ministry of Tourism and the Maldives
Association of Tourism Industry (MATI) has announced a short-term financing
solution to support the tourism sector.
The financing solution allows operational resorts and
guesthouses finance up to US$2 million to manage their working capital
requirements, with a repayment period of 3 years.
Bank of Maldives CEO and MD, Tim Sawyer stated "Although any
impact will depend on the extent and duration of the outbreak, our tourism
industry and local businesses are already facing an unprecedented set of
challenges. As the national bank, it is our responsibility to support these
businesses through this period. Together with our partners, the short-term financing
solution announced today will help manage working capital requirements, to
cushion the impact."
To apply for the facility, customers can get in touch with
their Relationship Manager, visit the nearest branch or call the Banks Contact
Centre at 3330200 for further details.
The Bank earlier this week announced its new unsecured
Working Capital financing to support shortterm funding needs to Small-to-Medium
businesses.
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