OPEC Fund Credits BML with USD 10 Million Loan Fund for Assisting Tourism and Associated SMEs of the Sector

Bank of Maldives has signed a USD 10 Million Loan Facility with OPEC Fund for International Development as a financial aid for the tourism sector in the Maldives to revive amid the ongoing Covid19 global pandemic.  
 
Sharing 1/4th of the contributions to the national GDP, the tourism sector in the Maldives involves direct and indirect support to almost half of the country’s population. Since the onset of the pandemic, the sector has been under immense pressure and continuous challenges that has caused a steep dip in the income generated by the sector.  
 
Bank of Maldives being one of Maldives’ biggest financial institutions, also remains a leader in disbursing financial loan aid in various capacities. Under the agreement with OPEC, the bank will be using the funds to support stakeholders of the tourism industry in the Maldives.  
 
Commenting on the signing, Managing Director and CEO of Bank of Maldives, Tim sawyer, said that this agreement has come at a crucial point in time where the national tourism industry could use any extra help to fight one more battle against Covid19.  
 
The private sector funding by OPEC to the Maldives is a solidifying statement to the relationship between the two regions. Director General of the OPEC fund assured continued support to the Maldives in different areas, having assisted on various projects since its inception in 1976.  
 
The USD 10 Million aid will be of much use in ensuring that stakeholders of the Maldivian tourism industry continue to provide jobs and grow through resiliently in the face of the world pandemic.