European Investment Bank (EIB) agrees to provide a loan of €20 million loan to the Maldives as part of then efforts to help recovery of the economy after COVID -19 epidemic.
The loan will improve access to finance for local bank sector and thus help to sustain SMEs operating in the tourism and industry sectors of the Maldives.
Finance Minister Ibrahim Ameer signed the loan agreement on behalf of the Maldives. This is the first COVID-19-related operation of the EU bank in Asia, and a part of its €5.2 billion support package for countries outside the EU.
EIB Vice-President Andrew McDowell stated that EIB is happy for the opportunity to provide support for robust economic growth in the Maldives and assist the country improve its macroeconomic outlooks in the wake of the COVID-19 pandemic. The loan will support local SMEs, sustain jobs, and have a positive impact on the stability of the local financial market, and assist in its in efforts to speed up recovery of the economy of the Maldives.
Finance Minister Ibrahim Ameer the added that the people of Maldives appreciates the quick support provided by the EIB in times of crisis. The loan highlights the close relationship between the EU and the people of Maldives… This is major contribution to the government’s efforts to support local businesses and it will also help protect livelihood during the COVID-19 pandemic and the ensuing economic downturn.
