Maldives Fund Management Corporation (MFMC) announced MVR 9.8 million had been distributed to 209 guest houses and 50 liveaboard as part of the EU Support for a Resilient Recovery of SME Tourism.
As of April 2022, MVR 9.8 million had been distributed to 209 guest houses and 50 liveaboards, according to the Maldives Fund Management Corporation (MFMC).
Last year, MFMC, together with the European Union established EU Support for a Resilient Recovery of SME Tourism, which received EUR 2 million (MVR 35 million) financial support from the European Union.
This assistance is designed to assist Maldives' small and medium-sized tourism businesses in building a more resilient economy following the problems caused by COVID-19.
While EUR 1.4 million (MVR 25.2 million) in direct transfers will be provided, EUR 600,000 will be allocated to technical assistance.
More than 600 micro, small, and medium enterprises (MSMEs) are expected to profit financially from this program, which is focused primarily for liveaboards and guesthouses with fewer than 40 beds.
All MSMEs that had a valid operating license at the start of the epidemic (December 2019 to February 2020) are eligible to apply for help. The deadline for application is May 31, 2022.
The European Union has already assisted the Maldives in its recovery from the COVID-19 pandemic.
The EU has previously contributed EUR 1 million (MVR 18 million) to boost the health-care industry, as well as a EUR 20 million (MVR 361 million) loan through the European Investment Bank for long-term economic recovery.
