Business commencement permit issued to Development Bank of Maldives

The Maldives Monetary Authority (MMA), the country’s central bank, has today issued the necessary business commencement permit to the Development Bank of Maldives (DBM), a new institution established by the government in 2024.

While the DBM had previously received its banking license from the MMA on October 13, 2024, this latest permit officially clears the path for the bank to begin its actual operations.

The MMA noted that once the bank's services begin, it will facilitate access to long-term financial assistance, providing a significant boost to the sustainable growth of the Maldivian economy.

Furthermore, the MMA described this move as a vital advancement in the ongoing efforts to expand and strengthen the Maldives' financial sector.

President Dr. Mohamed Muizzu first established the company under the name "Development Bank of Maldives Limited" in May last year, marking the first time such an entity has been formed with 100 percent government ownership.

The government officially inaugurated DBM in November last year.

While the bank's office was opened in November, the government stated that crucial administrative work has been ongoing since then. This included formulating the bank's policies, identifying funding strategies, providing information to international organizations, and developing a pipeline of projects.

To support these efforts, advertisements were released in December last year to recruit individuals for high-level positions with competitive salaries.