The Maldives Monetary Authority (MMA) has announced a significant increase in the disbursement of bank loans, with the tourism sector receiving the highest number of loans this year. According to the MMA’s economic update report, the volume of loans disbursed in July has risen by 8% compared to the same month last year.

The report highlights that the majority of these loans were allocated for activities related to the tourism sector, specifically for the development of new resorts and the renovation of existing ones. This trend underscores the sector's ongoing expansion and investment in infrastructure.

Additionally, the MMA noted a notable rise in loans for other sectors, with a particular emphasis on construction. Construction loans have surged by 25% year-on-year, reflecting a robust growth in the number of ongoing construction projects across the country. This increase is attributed to the high demand and activity in the construction industry.

The MMA's report suggests that the overall rise in loan disbursements is indicative of a growing and expanding business environment in the Maldives. The uptick in financial support for various sectors, particularly tourism and construction, signals positive economic development and increased investor confidence.

As businesses continue to seek funding for expansion and development, the MMA's findings reflect a broader trend of economic growth and diversification in the Maldives.