The Maldives' first development bank, the Development Bank of Maldives Limited, is scheduled to commence operations in July.
The Development Bank of Maldives Limited was established as a 100-percent government-owned entity on May 16, under the authority granted to President Dr. Mohamed Muizzu by the Companies Act, fulfilling one of his presidential pledges. The company will focus on sustainable economic and social development, infrastructure investment, financing development projects, and enhancing foreign exchange within the domestic banking system.
Sharing information on the launch of the Development Bank, Economic Minister Mohamed Saeed said the administrative work required to establish the bank was completed within the first 100 days of President Muizzu's administration. Most of the preparations for the commencement of the bank's operations have been completed, he confirmed.
The minister said the bank has applied for an operating license from the central bank, the Maldives Monetary Authority (MMA), and is expected to receive the license within the next week. Once the license is obtained, the development bank will start operations in July, he said.
Saeed acknowledged the limited avenues for raising funds for economic activities in the Maldives, including the lack of strong banks. He stated that the president's vision is to strengthen this sector through the establishment of the development bank.
Economic Minister Mohamed Saeed
