Maldives Development Bank to Begin Operations in July 2024, Says Economic Minister
Minister of Economic Development and Trade Mohamed Saeed announced that the Development Bank is scheduled to commence operations in July 2024.
Development banks play a crucial role in fostering new businesses, industrial activities, and other economic initiatives within countries, serving as primary lenders for new ventures and offering loan facilities to support business setup and activities.
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Addressing attendees at the signing ceremony, where the Maldives government inked an agreement with Dubai’s International Freezone Authority (IFZA) to develop special economic and financial services zones in Fonadhoo and the Maldives economic gateway in Ihavandhippolhu, Minister Saeed highlighted the transformative impact the development bank is expected to have on the country’s growth trajectory.
“In July, by the grace of God, the Development Bank will commence operations in the Maldives for the first time,” Minister Saeed remarked, expressing optimism about the bank’s potential to drive economic progress. “We have received strong endorsements from several private sector investors, demonstrating confidence and willingness to engage in this new initiative,” he added.
The establishment of a Development Bank in the Maldives is a significant commitment of President Dr. Mohamed Muizzu’s administration.
In January, the government took a step towards enhancing the country’s financial sector by establishing the Maldives International Financial Services Authority (MIFSA) to facilitate the development of financial services and strengthen ties with international financial institutions. Former Vice President Abdulla Jihad was appointed as the Chairperson of MIFSA.
