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- Supporting SMEs in Maldives
Supporting SMEs in Maldives
Maldives
| Borrower | Bank of Maldives |
| Financing Type | Private Sector & Trade Finance |
| Instrument | Private Sector Debt |
| Focus Area | Financial |
| Approved | 24.07.2020 |
| Signed | 06.05.2021 |
| Status | Completed |
| Loan Administrator | OPEC Fund |
| Co-financiers | IFC |
| OPEC Fund Contribution (US$m) | 10.00 |
The proposed loan in the amount of US$ 10Mn to participate in the syndication arranged by IFC is to address the crisis caused by the coronavirus (“COVID19”) global pandemic which has virtually halted the tourism industry, resulting in a liquidity crunch in related sectors. The use of proceeds will be directed towards supporting SMEs in the tourism and services sectors in the Maldives, which have been severely impacted due to COVID-19