The Maldives Development Bank, officially known as the Development Bank of Maldives Limited, has been granted a license by the Maldives Monetary Authority (MMA). Economic Minister Mohammed Saeed announced the approval, marking a significant milestone for the fully government-owned institution.
The bank was established on May 16 under the leadership of President Dr. Mohamed Muizzu. Following its establishment, the Ministry of Economic Development applied for the bank's license to the MMA at the end of July. Although the bank was initially given tentative dates for licensing, the process faced delays until now.
Minister Saeed emphasized that the licensing of the Development Bank of Maldives Limited is an important step towards realizing President Muizzu’s vision for economic development in the Maldives.
The bank aims to contribute to sustainable economic and social development by investing in key infrastructure projects, addressing financing challenges related to Public Sector Investment Program (PSIP) projects through syndication finance, and enhancing foreign exchange inflow into the banking system.
The bank was established on May 16 under the leadership of President Dr. Mohamed Muizzu. Following its establishment, the Ministry of Economic Development applied for the bank's license to the MMA at the end of July. Although the bank was initially given tentative dates for licensing, the process faced delays until now.
Minister Saeed emphasized that the licensing of the Development Bank of Maldives Limited is an important step towards realizing President Muizzu’s vision for economic development in the Maldives.
The bank aims to contribute to sustainable economic and social development by investing in key infrastructure projects, addressing financing challenges related to Public Sector Investment Program (PSIP) projects through syndication finance, and enhancing foreign exchange inflow into the banking system.
