Development Bank of Maldives Granted Operating Licence by Central Bank

The Maldives Monetary Authority (MMA) has granted an operating licence to the Development Bank of Maldives (DBM), allowing the bank to commence operations.

DBM, a 100-percent government-owned institution, was established by President Dr Mohamed Muizzu on 16 May 2024. The bank was created in line with government policies to address challenges in financing sustainable economic and social development. It aims to raise funds for infrastructure projects, support the Public Sector Investment Programme (PSIP) through syndication finance, and attract foreign deposits into the domestic banking system.

The central bank issued a banking licence to DBM on 13 October 2024, and has now confirmed the operating licence. Once operational, the bank will provide long-term financial assistance and contribute to sustainable economic growth in the Maldives. MMA described the establishment of DBM as a significant step in expanding and strengthening the country’s financial sector.

DBM is the Maldives’ first investment and development bank, fulfilling a presidential pledge. It is expected to provide long-term financing and low-interest loans for major development projects and significant private investments. The bank will serve as a central hub for investors, particularly in sectors such as tourism, resort development, renewable energy, real estate, and housing.