Government to facilitate low-interest loans for tourism development

Government is in discussions with the Bank of Maldives (BML) to provide low-interest loans for developing land allocated for tourism purposes, President Mohamed Muizzu announced Tuesday.

Speaking during his visit to Haa Alif Filladhoo, the president emphasised the importance of tourism for the economic development of the island. He noted that Filladhoo’s size and potential make tourism development a key factor in enhancing the local economy.

The president outlined the government’s plans to support individuals allocated land for tourism development through council initiatives.

“The government is working with the Ministry of Finance and BML to make financing more accessible. The finance minister informed me that the proposed interest rate will be 3% lower than the current rates. This process is nearing completion, and we hope this will accelerate the development of tourism on allocated lands,” the president said.

He also highlighted the nearing completion of the HDh. Hanimaadhoo international airport project, stressing the importance of tourism development in the northern provinces to maximise the airport’s potential and impact.