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ADB considering loan to Maldives bank to help nation's MSMEs: Ashok Lavasa

'What the ADB is trying to do is to incorporate elements of sustainability in tourism infrastructure,' he said

Asian Development Bank | Maldives | MSMEs

Press Trust of India  |  Manila 

Ashok Lavasa
Ashok Lavasa

The is considering giving a loan to a Maldivian bank, according to ADB Vice-President for Private Sector Operations and Public-Private Partnerships .

Speaking to PTI at the World Travel and Tourism Council (WTTC) Global Summit in Manila over the weekend, Lavasa said, through that bank, we will be reaching the micro, small and medium enterprises.

"Sixty per cent of the loan will go to the micro and small enterprises, and 10 per cent to women," he said, without revealing the name of the bank.

"What the ADB is trying to do is to incorporate elements of sustainability in tourism infrastructure," he said.

The ADB is supporting both the government as well as the private sector. We support the governments by and large in promoting infrastructure and supporting tourism. For the private sector, ADB supports through direct enterprise, Lavasa said.

For example, we gave a loan to the Fiji Airways, he said, referring to the ADB inking a USD 65 million COVID-19 Liquidity Support Facility for Fiji's Air Pacific Limited last year.

During the pandemic, they suffered a lot, so they needed liquidity, he said.

Asked about the quantum of the ADB aid, Lavasa said, We don't have a definite target for tourism (industry), but for climate change, the ADB has a target of USD 100 million, up to 2030, which will also include mitigation.

Asked if a major portion of the amount will go to India, Lavasa said, India is a major borrower of ADB, but this is meant for all the developing member countries.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Sun, April 24 2022. 17:45 IST