The Manila-headquartered Asian Development Bank (ADB) has signed a US$41 million financing package with the Bank of Maldives (BML) to support local SMEs and tourism in Maldives. The package comprises a loan of up to US$13 million from ADB’s ordinary capital resources, a parallel loan of US$13 million from the Japan International Cooperation Agency, and a similar loan of US$5 million from the Development Bank of Austria. Furthermore, the ADB has blended the project’s debt financing with a concessional loan of US$9 million from the Canadian Climate Fund for the Private Sector and a grant of US$1 million from ADB’s Asian Development Fund-Private Sector Window.
