In March 2023, OeEB provided USD 5 million as part of a USD 40 million loan facility arranged by Asian Development Bank ("ADB") to Bank of Maldives plc. The funds shall be used to finance locally owned small and medium-sized enterprises as well as companies in the tourism sector in Maldives. OeEB participated in the financing alongside ADB and Japan International Cooperation Agency ("JICA"), each providing USD 13 million, as well as Canadian Climate Change Fund for the Private Sector in Asia ("CFPS II") granting a concessional loan of USD 9 million.
|Project name||Bank of Maldives plc|
|Region||Southern and Eastern Asia|
|Sector||Financial sector / Microfinance / SME|
|OeEB project volume||USD 5 Million|
|International climate finance according to UNFCCC||no|
|Projekt partner(s)||Asian Development Bank (“ADB”), Japan International Cooperation Agency (“JICA”), Canadian Climate Change Fund for the Private Sector in Asia (CFPS II)|
Bank of Maldives ("BML") is the largest bank in Maldives offering a full range of banking services to over 325,000 customers across the retail, corporate and SME (small and medium-sized enterprises) segments. With a network of 38 branches, 82 self-service centres, 140 ATMs and over 200 cash agents, BML is present on every inhabited island in Maldives. The bank is also the largest employer in the banking sector in the country. Women make up 50 % of BML’s 1.000 employees and are equally represented at all management levels.
BML's strategy focuses on three pillars: customer service, business support and financial inclusion. In addition to conventional banking offering, BML provides Shari'ah-compliant deposit and financing products. Since November 2020, the bank has also been extending green loans to both private and business clients to finance sustainable and renewable energy projects.
The loan facility arranged by ADB will allow Bank of Maldives to support locally owned SMEs and companies in the tourism industry, and thus improve the resilience and sustainability of Maldives’ private sector. Further, the financing will promote local entrepreneurship and safeguard the existing jobs as well as create new indirect jobs in the tourism and adjacent sectors.