VIENNA, (UrduPoint / Pakistan Point News / WAM – 08th Jun, 2021) The OPEC Fund for International Development (OFID) has announced the signing of a US$10 million private-sector loan agreement with the Bank of Maldives.
According to the Fund, the loan will be used for on-lending to small- and medium-sized enterprises (SMEs) engaged in tourism and related services in the Maldives that have been severely impacted by the COVID-19 pandemic.
The Bank of Maldives, as a leading lender to the tourism industry and the largest financial institution in the Maldives, will provide much-needed working capital to benefit businesses in the tourism and related industries.
Tim Sawyer, Bank of Maldives CEO and Managing Director, commented, “The funding comes at an opportune time as we reinforce resources for our COVID-19 response for the tourism and business sectors severely affected by the pandemic. Early on, we took the lead in mitigating the impact of COVID-19 for businesses and this support…