Bank of Maldives launches Green Resort Financing to promote sustainable tourism
oving towards sustainable tourism has been a key priority for the Maldives, given its vulnerability to climate change and dependence on marine and coastal ecosystems, with many resorts having already embraced sustainability by implementing solar energy systems, coral restoration projects, water desalination plants, and comprehensive waste management programs.
The Bank of Maldives (BML) has introduced a new financial facility, Green Resort Financing, aimed at supporting sustainability initiatives within the country’s tourism sector. The facility was launched during the Maldives Association of Tourism Industry’s (MATI) Annual General Meeting, with Chairman of Crown and Champa Resorts, Hussain Afeef, and BML CEO and Managing Director, Mohamed Shareef, in attendance.
The Green Resort Financing facility is designed to provide funding for resorts to implement eco-friendly and sustainable business practices. This includes projects focused on coastal protection, energy-efficient equipment, reforestation, and waste management. Moving towards sustainable tourism has been a key priority for the Maldives, given its vulnerability to climate change and dependence on marine and coastal ecosystems, with many resorts having already embraced sustainability by implementing solar energy systems, coral restoration projects, water desalination plants, and comprehensive waste management programs.
With finance and sustainability in mind, the key features of the Green Resort Financing will focus on:
Overdraft facility of up to MVR 50 million
Competitive interest rate of 6.5 percent per annum
Flexible repayment options through card collections
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 Financing facility is designed to provide resorts with the financial flexibility needed to implement sustainable solutions while ensuring operational efficiency.
BML’s CEO and Managing Director, Mohamed Shareef
The launch of this financing facility is expected to bring significant benefits to the Maldives’ tourism sector by promoting environmentally friendly resort operations as increasing global awareness of climate change and sustainable tourism has started to make travelers seek destinations that prioritize environmental responsibility. With the Green Resort Financing, BML is enabling resorts to invest in sustainable infrastructure, enhancing their appeal to eco-conscious tourists.
