Asian Development Bank considers assisting Maldives SMEs
According to Ashok Lavasa, ADB Vice-President for Private Sector Operations and Public-Private Partnerships, the Asian Development Bank is considering loan to a Maldivian bank.
Speaking to PTI over the weekend at the World Travel and Tourism Council (WTTC) Global Summit in Manila, Lavasa stated, “Through that bank, we will be reaching out to micro, small, and medium enterprises.”
“Sixty percent of the loan will go to micro and small businesses, and ten percent will go to women, What the ADB is attempting to do is integrate elements of sustainability into tourism infrastructure,”Ashok Lavasa, ADB Vice-President for Private Sector Operations and Public-Private Partnerships
The ADB assists both the government and the private sector. We generally support governments in their efforts to promote infrastructure and tourism. According to Lavasa, ADB supports the private sector through direct enterprise.
We gave a loan to Fiji Airways, for example, he said, referring to the ADB’s signing of a USD 65 million COVID-19 Liquidity Support Facility for Fiji’s Air Pacific Limited last year.
When asked about the size of the ADB aid, Lavasa said, “We don’t have a definite target for tourism (industry), but the ADB has a target of USD 100 million, up to 2030, which will also include mitigation.”
They suffered greatly during the pandemic, so they required liquidity, he explained. He also stated the funds are intended for all developing member countries.