The Development Bank of Maldives is a state owned establishment, 100 percent of which is held by the Maldives government.
President Dr Mohamed Muizzu has established the Development Bank of Maldives Limited on Thursday.
The Development Bank of Maldives is a state owned establishment, 100 percent of which is held by the Maldives government.
The President's Office said that the company was formed in alignment with government policies, including the funding of infrastructure development projects, investing in sustainable economic and social development, addressing challenges faced in financing Public Sector Investment Program (PSIP) projects through syndicated financing, and enhancing maintenance of foreign exchange within the Maldives' banking system.
The establishment of a development bank in Maldives is among the pledges of President Muizzu.
In January, the government established the Maldives International Financial Services Authority (MIFSA), tasking it to compile a modern regulatory framework to attract a Development Bank and other financial services.
The government, through MIFSA, is also working on the development of a legal framework for the provision of onshore financing services and to implement offshore financing services as stipulated in existing laws.
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