Three persons have been appointed to the board of the Development Bank: a Maldivian and two foreigners.
Three persons have been appointed to the board of the Development Bank.
The three appointees include one Maldivian and two foreigners. The Maldivian appointee to the board is Ahmed Ali. He is joined by Saeed AbduNasir Bin Saeed Hassan Al Junaid from Singapore and Robert Daniel Carter from the United Kingdom.
Ahmed Ali has pursued qualifications in accounting and law. He served in senior positions at Maldives Inland Revenue Authority from 2011 to 2019. Most recently, he served as Assistant Commissioner General. Currently, he is a senior partner in the S and P Law Firm.
The Development Bank of Maldives Limited, owned in full by the Maldives government, was established by President Dr Mohamed Muizzu on May 16.
In July, licenses for the bank were applied for.
The company will be used for investment in sustainable development and economic and social development, as well as to source funding for infrastructural development, as per government policies.
The company was formed to solve challenges faced in sourcing funding for PSIP projects through syndication finance, and to increase interest in maintaining foreign currency in the Maldives' banking system, the government has said.
Minister of Economic Development and Trade Mohamed Saeed has earlier said that the bank would have shares of private individuals as well as the government. He said that some foreign investors have expressed interest even as of now.
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