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Bank of Maldives announces $2 mln emergency financing facility for worst-hit tourism sector amidst coronavirus outbreak

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Bank of Maldives (BML) on Sunday announced a $2 million short-term financing facility for the tourism industry, as the island nation reels from the huge economic impact of preventive measures against the global coronavirus pandemic.

The country’s largest bank announced the emergency financing facility, together with the country’s tourism ministry and the Maldives Association of Tourism Industry (MATI).

The financing solution allows operational resorts and guesthouses finance up to $2 million to manage their working capital requirements, with a repayment period of three years.

“Although any impact will depend on the extent and duration of the outbreak, our tourism industry and local businesses are already facing an unprecedented set of challenges. As the national bank, it is our responsibility to support these businesses through this period. Together with our partners, the short-term financing solution announced today will help manage working capital requirements, to cushion the impact,” Bank of Maldives CEO and MD Tim Sawyer was quoted in a statement, as saying.

To apply for the facility, customers can get in touch with their Relationship Manager, visit the nearest branch or call the bank’s Contact Centre at 3330200 for further details.

BML operates a nationwide network of 38 branches across all 20 atolls, 51 self service banking centres, 115 ATMs, 277 agents and a full suite of digital banking services.

Maldives last week reported its first cases of the novel coronavirus, as two hotel employees tested positive for Covid-19 at a luxury resort in the archipelago. Eleven more cases — all foreigners working at resorts — have since been identified.

Maldives had taken several preventive measures against the spread of the new coronavirus, COVID-19.

The Maldives had closed its borders to arrivals from the worst-hit countries, including mainland China, Italy, Iran and Spain, as well as some parts of Germany and South Korea.

Cruise ships had also been banned from docking at any of the country’s ports.

All direct flights to and from China, Italy, South Korea and Iran had also been cancelled.

Meanwhile, inter-island travel of tourists, including for excursions, have been banned. Guesthouses and hotels in capital Male and its suburbs of Hulhumale and Villimale have also been shut down.

The island nation had installed thermal screening cameras at its international airports.

Quarantine facilities, including designated islets from the 1,192 islands that make up the archipelago, had also been established.

The global coronavirus outbreak is expected to hit the Maldivian economy hard, as tourism contributes the bulk of the island nation’s state revenue and foreign reserves.

The government has already announced several cost cutting measures, including a freeze on the hiring of new staff and suspension of non-essential travel by state officials.

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Maldives celebrates arrival of 2024’s 1 millionth tourist

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Maldives on Thursday welcomed the one millionth tourist to visit this year.

The one millionth tourist is a Thai named Sutapa Amonwivat, who arrived from Singapore with her husband and two children. This is her second visit to Maldives.

Maldives Marketing and Public Relations Corporation (MMPRC) and the Ministry of Tourism gave a warm welcome to Sutapa at the Velana International Airport (VIA) Thursday afternoon. She was welcomed at the VIA by tourism minister Ibrahim Faisal, MMPRC Managing Director Ibrahim Shiury and senior officials of various relevant agencies.

After welcoming her with traditional offerings, she was presented with various gifts by the ministry, MMPRC, customs, immigration, Maldives Association of Travel Agents and Tour Operators (MATATO) and Trans Maldivian Airways (TMA).

Maldives reached one million tourists in June, three weeks earlier than last year. The number of tourists reached one million on July 16, 2023.

Maldives expects to reach 2 million tourists this year.

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New air route connects Chongqing to Maldives

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Chongqing Airlines on Monday began its inaugural flights to Maldives.

The Chongqing-Male route, scheduled three times a week, is expected to strengthen the bonds between China and the Maldives, opening up exciting new opportunities for tourism and cultural exchange.

The inaugural flight was welcomed upon its arrival at Velana International Airport (VIA) in Maldives, where local officials and tourism representatives expressed their enthusiasm for this new development.

“We warmly welcome our friends from China to our beautiful islands. This new connection strengthens our bonds and opens up new opportunities for tourism,” the tourism ministry said on X.

Maldives currently welcomes four airlines from China, including China Eastern, Beijing Capital Airlines, Xiamen Airlines.

In January, Maldives government urged tourism stakeholders in both Maldives and China to ramp up efforts to restore China’s position as the primary source market for Maldives tourism, a status held before the onset of Covid-19.

China, being the largest source market for Maldives tourism before the pandemic, saw a resumption of tourist arrivals from January 2023 after a three-year hiatus due to the pandemic. In 2023, the Maldives welcomed 187,118 Chinese tourists, marking a significant recovery in numbers. This year, the Maldives has welcomed the most number of tourists from China, with over 107,940 or 11.5 percent of total arrivals by June 12. 

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CROSSROADS Maldives Introduces Weixin Pay at resorts for seamless guest experience

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CROSSROADS Maldives has introduced WeChat Pay, widely known as Weixin Pay in China, across its world-class resorts, SAii Lagoon Maldives, Curio Collection by Hilton, and Hard Rock Hotel Maldives. This payment option is made available to enhance the convenience and overall experience for guests from China, making their stay in the Maldives more enjoyable and hassle-free.

Understanding the needs of the diverse guests, CROSSROADS Maldives has integrated WeChat Pay into operations, allowing guests from China to easily and securely conduct transactions using a payment method familiar to them. The introduction of WeChat Pay is a testament to CROSSROADS Maldives’ dedication to enhancing guest satisfaction by offering exceptional experiences at every turn. What is also expected through this initiative is that the guests could benefit from better foreign exchange rates, translating to better savings on their expenditures during their stay.

The option is available for guests in-house conveniently at both resorts as well as across the Marina at CROSSROADS Maldives where a wider variety of unparalleled dining and retail experiences are available for all guests. The day visitors from China will also therefore equally benefit from this new introduction at the Maldives’ premier multi-island integrated leisure destination.

SAii Lagoon Maldives, Curio Collection by Hilton, is a vibrant tropical escape that offers unique and locally inspired experiences. The resort features spacious rooms and villas, a variety of dining options, and an array of recreational activities designed to cater to the desires of modern travellers. Guests can escape to the island’s SAiisational natural beauty, enjoy water sports, and indulge in spa treatments, all while relishing the personalised service that defines Hilton’s Curio Collection.

Hard Rock Hotel Maldives brings the iconic Hard Rock spirit to the tranquil shores of the Maldives. This family-friendly resort offers a perfect blend of relaxation and entertainment, featuring music-inspired experiences, live performances, and the brand’s signature amenities. With luxurious accommodations, diverse dining options, and a plethora of activities for all ages, Hard Rock Hotel Maldives ensures an unforgettable holiday experience for every guest.

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