Work on Development Bank moving at a swift pace: Minister

Economic Minister Mohamed Saeed has said today that even though practical work regarding the newly introduced Development Bank of Maldives (DBM) has not begun, the work surrounding the bank is moving at a swift pace.

While answering South Galolhu MP Meekail Ahmed Naseem's questions during today's parliamentary sitting, Minister Saeed said that the DBM is not a day-to-day service for locals after opening accounts but rather an important system that was made to provide funding for the development of the nation.

"We are proceeding as per our estimation at a quick pace," said Saeed.

The minister said the Maldives was carrying a significant amount of debt when President Dr Mohamed Muizzu took office, and that the government had faced considerable challenges as a result. He added that the country’s credit rating has since shown notable improvement compared with previous rating.

"The DBM will hopefully become operational very soon," said Saeed.

The government inaugurated the DBM on 16th November 2024.

Saeed announced in January that work on the bank had been split into three stages and has been making progress.

Saeed stated then that they have been working on institutional setup and formulating a business model and bank policies. He also stated at the time that it would be done by Q2 of this year.

Back then, Saeed said while the bank's office had opened in November 2024, important work on the administrative side of things were being done as well. He had also said at the time that funding strategies were being created, along with providing information to international institutions and formulating a project pipeline.

The Development Bank of Maldives Limited, where the government has 100 percent of the shares in, was created by President Dr. Mohamed Muizzu in May 2024.