Bank of Maldives Introduces New Finance Facility for Liveaboard Operators

The Bank of Maldives (BML) has introduced a new financing facility designed specifically for the country’s liveaboard industry, offering operators a new way to invest in safari vessels and expand their businesses.

According to local news outlet Edition, the new Liveaboard Finance facility will provide funding for the purchase and construction of liveaboard vessels, as well as engine installation, repairs, onboard equipment and other related improvements.

The initiative is intended to support both established operators looking to modernize or expand their fleets and entrepreneurs entering one of the Maldives’ most important tourism sectors.

Edition reports that the financing package includes an annual interest rate of 9.5%, making it one of the most competitive financing options currently available for vessels in the Maldives. Under the reported terms, only the financed vessel is required as collateral, with no additional mortgage needed.

The facility is also designed to reflect the seasonal nature of tourism. Rather than fixed monthly repayments, operators will reportedly be able to structure repayments around peak and off-peak tourism periods, with payments made in US dollars over a repayment period of up to seven years.

Bank of Maldives Chief Executive Officer Mohamed Shareef said the country’s liveaboard tourism industry plays an important role in the national economy and that improving access to finance will help operators continue investing in the sector.

“Our Liveaboard Finance facility has been specifically designed to give operators the opportunity and confidence to invest in growing their businesses. It forms part of our broader efforts to support key sectors of the Maldivian economy,” Shareef said, according to Edition.

The Maldives is recognised as one of the world’s premier liveaboard diving destinations, with safari vessels offering access to remote atolls, world-famous shark encounters, manta ray cleaning stations and vibrant coral reefs that cannot easily be reached from resort islands alone.

Investment in newer, more efficient vessels could further strengthen the country’s position as a leading destination for international dive tourism while providing operators with improved opportunities to upgrade guest facilities, safety equipment and onboard services.

At the time of publication, The Scuba News had not identified an official Bank of Maldives press release detailing the new Liveaboard Finance product. The financing details above are based on reporting by Edition and may be updated as further information becomes available.