Bank of Maldives Launches Green Resort Financing

In a significant move to promote sustainable tourism, the Bank of Maldives (BML) unveiled its new Green Resort Financing facility during the Maldives Association of Tourism Industry’s (MATI) Annual General Meeting. The initiative aims to support resorts in adopting eco-friendly practices, reinforcing the nation’s commitment to environmental conservation.

The launch event was attended by prominent industry figures, including Hussain Afeef, Chairman of Crown and Champa Resorts, alongside BML’s CEO and Managing Director, Mohamed Shareef. The facility is designed to provide resorts with the financial backing needed to implement sustainable measures such as coastal protection, energy-efficient equipment, reforestation, and waste management.

The Green Resort Financing facility offers an overdraft limit of up to MVR 50 million at a competitive interest rate of 6.5% per annum. Additionally, it provides flexible repayment options through card collections, ensuring ease of access for resort operators.

Speaking at the launch, Shareef emphasized BML’s dedication to the tourism sector, stating, “As the largest and leading bank in the country, we are here to support our tourism industry with tailored banking and payment solutions. The Green Resort Finance facility is designed to provide resorts with the financial flexibility needed to implement sustainable solutions while ensuring operational efficiency.”

The initiative comes at a time when the Maldives is increasingly focusing on sustainable development, with the tourism industry playing a pivotal role in the nation’s economy. By encouraging resorts to adopt greener practices, BML aims to contribute to the long-term preservation of the Maldives’ pristine environment while supporting the growth of the tourism sector.

The Green Resort Financing facility is expected to be a game-changer for resort operators seeking to balance profitability with environmental responsibility, further solidifying the Maldives’ reputation as a global leader in sustainable tourism.