The Asian Development Bank (ADB) is considering lending a loan to a Maldivian bank, according to Ashok Lavasa, Vice-President for Private Sector Operations and Public-Private Partnerships at ADB.
At a World Travel and Tourism Council (WTTC) Global Summit held in Manila, Lavasa told PTI that ADB is planning to target the MSME firms through the bank. “Micro and small businesses will receive 60% of the loan, while women will receive 10%”, he said.
Philippines-based ADB aims to respond effectively to Asia and the Pacific’s changing demands. Through public and private sector activities, advisory services, and expert assistance, the Asian Development Bank supports initiatives from its member countries that have an economic and development impact.
The Sustainable Development Goals (SDGs) of ABD are a universal call to end poverty, safeguard the environment, and secure peace and prosperity for all people. It is dedicated to assisting countries in achieving said goals by financing the public and private sources.
The multilateral lending agency plans to incorporate sustainability in the tourism infrastructure by supporting the governments in promoting tourism. In the private sector, the bank supports through direct enterprise. Lavasa referred the $65 million Liquidity Support Facility for Fiji’s Air Pacific Limited in 2021. “During the pandemic, they suffered a lot, so they needed liquidity,” he stated.
When asked about the size of the ADB help, Lavasa responded, “We don’t have a definite objective for tourist (sector), but the ADB has a target of USD 100 million for climate change, which includes mitigation, up to 2030.”
When asked if India will receive a significant portion of the funds, Lavasa responded that while India is a major borrower from the ADB, the funds are intended for all developing member countries.
