OPEC Fund issues private sector loan to Bank of Maldives

The OPEC Fund for International Development has signed a $10 million private sector loan agreement with the Bank of Maldives.  

The loan will be used for on-lending to SMEs engaged in tourism and related services in the Maldives that have been severely impacted by the COVID-19 pandemic. The tourism sector has experienced unprecedented challenges as a result of the COVID-19 pandemic, with a steep decline in tourism revenues that has had a profound impact on livelihoods and small businesses.