While a development bank is being established, the government is planning to enact a law to set up international financial centers to expand and increase opportunities within the country's financial sector.
Minister of Economic Development and Trade Mohamed Saeed, has said that the Maldives' first development bank, aimed at providing financing for major projects, will be launched in July.
Speaking at a ceremony held at Meeruma Hotel, Minister Saeed that the establishment of the development bank will revolutionize the financila sector in the Maldives.
"The government, as well as private parties, will have stakes in the bank, and some foreign investors have already expressed their interest," he said.
"The bank's operations are set to begin sometime in July," Minister Saeed said.
The development bank will provide funds for both government and private sector projects.
The government is giving special priority to further expanding the Maldives financial sector, he added.
Minister Saeed further added that the establishment of the Special Economic and Financial Zone in Kaafu atoll Funadhoo in central Maldives and the Maldives Economic Gateway in Haa Alif atoll Hoarafushi in northern Maldives would begin under the agreement signed with Dubai's International Free Zone Authority (IFZA).
While a development bank is being established, the government is planning to enact a law to set up international financial centers to expand and increase opportunities within the country's financial sector.
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