Bank of Maldives (BML) has dispersed MVR 100 million to 73 customers under the government's economic stimulus package to aid businesses hit by the COVID-19 pandemic.

BML is to disburse funds to resorts and to companies with a turnover of over MVR 10 million annually.

As such so far documents that have been evaluated by the bank and approved by the Ministry of Finance have been sent back to customer, with MVR 100 million being dispersed to 73 customers who had sent back the relevant documents.

According to BML the financing is without security, and with a 6% interest per year. With the inclusion of a six month grace period, customers will receive a three year repayment period in total. Interest and principal payments are not required to be made during the grace period.

BML further added that they are continuing to issue loans and financing facilities as before.