Minister of Economic Development and Trade Mohamed Saeed said that the application forms for the license was submitted to the central bank today.
The Maldives government has applied to Maldives Monetary Authority (MMA) for a license to operate the first development bank established in the Maldives.
Minister of Economic Development and Trade Mohamed Saeed said that the application forms for the license was submitted to the central bank today.
"Development Bank of Maldives Limited", with a 100 percent stake held by the Government of Maldives, was established for the first time by President Dr Mohamed Muizzu on May 16.
According to the President's Office, the bank will be used to invest in sustainable economic and social development and raise funds for infrastructure projects, aligning with the government's policies.
The government stated that the company was established to address challenges in funding PSIP projects through syndication finance and to enhance the attractiveness of foreign exchange deposits in the country's banking system.
Speaking to state media Public Service Media (PSM), Minister Saeed said that two individuals with experience running major foreign banks have been appointed to the board of the Development Bank. The government also plans to hire a foreign CEO for the bank.
Opening a development bank in the Maldives to provide financing for major projects is a presidential pledge of President Muizzu.
Minister Saeed noted earlier that the bank would include both government and private stakes, with some foreign investors already showing interest.
The Development Bank will provide funding for both government and private sector projects.
Additionally, the government is working on passing a law to establish international financial centers to expand the Maldives' financial sector and increase opportunities within the sector.
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