Special authority to be set up to establish a development bank

The government has decided to establish a special authority to set up a development bank in the Maldives, utilizing the President's constitutional powers in consultation with the Cabinet Ministers.

Speaking at a press conference held at the President's Office last evening, Principal Secretary to the President on Public Policy Abdulla Nazim Ibrahim announced that the Cabinet has decided to establish a special authority called the "Maldives International Financial Services Authority."