MMA Grants First Development Bank Licence
The Maldives Monetary Authority (MMA) has issued the first licence for the operation of a development bank in the country, marking a significant milestone in the Maldives’ economic landscape.
The Development Bank of Maldives Limited, formed by President Dr Mohamed Muizzu on 16 May, is entirely government-owned.
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The MMA has granted banking license to the Development Bank of Maldives Limited.
Press Release (Dhivehi): https://t.co/cbZrIBDGAb
Press Release (English): https://t.co/86jyedBX0M pic.twitter.com/lEv8CI7Gqe— MMA (@MMA_Maldives) October 13, 2024
Minister of Economic Development and Trade, Mohamed Saeed, announced the development on the social media platform X, describing it as a “historic milestone.” He highlighted that the licence reflects the government’s commitment to advancing the economic vision laid out in President Muizzu’s manifesto, with the goal of enhancing financial infrastructure.
We are honored to have obtained the first license for Development Banking in the Maldives. This is a historic milestone for the country as envisioned by HEP Dr @MMuizzu in his manifesto and Economic Development vision laid by HE the President Dr Muizzu @presidencymv @MoEDmv pic.twitter.com/h2W6bf5B1A— Mohamed Saeed (@em_saeed) October 13, 2024
The licence was formally presented to Minister Saeed by MMA Governor Ahmed Munavvar. According to the MMA, the establishment of a development bank will facilitate access to long-term financing services essential for both economic and financial growth within the Maldives.
The MMA has outlined that the Development Bank of Maldives should commence operations by 12 October 2025.
