European Investment Bank (EIB) has announced it will be providing additional financial assistance from European Union (EU) Bank to the Government of the Maldives. Vice-President of the EIB Christian Kettel Thomsen made the announcement in a webinar on investing in the Maldives, hosted by the Embassy of the Maldives in Belgium.
In the webinar, EIB said the financial assistance will be given to the government to support its green recovery from COVID-19, support the tourism sector and small and medium enterprises (SMEs), as well as investments in renewable energy operations. Also at the webinar, Minister of Finance Ibrahim Ameer highlighted the government's close cooperation with the EIB and referred to the objectives in the 2021 State Budget to promote economic diversification, facilitate investments in the infrastructure sector, decentralise government services and support local communities.
Speaking on the investment opportunities in the Maldives, Minister of Tourism Dr. Abdulla Mausoom referred to the government's ongoing efforts to restart tourism and overcome issues caused by the COVID-19 pandemic, highlighting that the Maldivian tourism industry has proved its resilience and that it generates a promising return to investments.
Numerous senior officials of the government and around 90 investors participated in the webinar, which focused on the investment opportunities in the Maldives, especially in the areas of tourism, fisheries, and renewable energy.
In 2020, EIB provided a loan of USD 24 million to the Maldives as part of efforts to assist SMEs affected by the COVID-19 pandemic. Ministry of Finance disbursed the relief loans through the Bank of Maldives (BML) to 58 businesses, which employ a combined total of 1,458 people.