Gov’t Seeks License to Establish Development Bank of Maldives

Ministry of Economic Development and Trade has submitted an application to the Maldives Monetary Authority (MMA) for a license to operate the Development Bank of Maldives.

Development banks are financial institutions focused on fostering new businesses, industrial activities, and other economic initiatives within a country. These banks are primary lenders for new ventures, offering loan facilities to help set up businesses and activities.

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The establishment of the Development Bank of Maldives is a key electoral pledge of President Dr. Mohamed Muizzu. In May, President Muizzu utilised his powers under the Companies Act to form the Development Bank of Maldives Limited.

Economic Minister Mohamed Saeed announced on social media platform X that the application for the bank’s operating license was submitted this morning.

https://x.com/em_saeed/status/1817438463844851722

In an interview with Public Service Media (PSM) last night, Minister Saeed revealed that two financial experts with experience in managing major international banks have been appointed to the bank’s board. He added that the government has formulated a business plan and conducted necessary feasibility studies.

While the MMA processes the license application, the government will allocate a building for the bank’s operations. Minister Saeed stated that efforts are underway to open the bank next month. However, he noted that the initial plan to complete the work this month was delayed due to the search for top experts for the initiative.

To further bolster the bank’s leadership, the government has posted a job vacancy in an international newspaper seeking a foreign candidate to head the bank.