Minister of Economic Development and Trade Mohamed Saeed has said that the rollout of the Development Bank of Maldives will be carried out over three different phases, the first of which is the institutional setup.
Minister of Economic Development and Trade Mohamed Saeed has said that the rollout of the Development Bank of Maldives will be carried out over three different phases, the first of which is the institutional setup.
Saeed said that the first phase is being completed on schedule.
The Minister stated that in addition to institutional setup, the drafting of the business model and policies of the Development Bank is also in progress now, with completion estimated by the second quarter of the year.
He added that important administrative work is being conducted now, with the Development Bank's office having been opened last November. Currently, bank policies are being drafted, funding strategies are being explored, project pipelines are being drawn, and information is being shared with foreign institutions.
2/3 The DBM’s business model prioritizes institutional investors and large-scale infrastructure projects, with plans to introduce retail services at a later phase. This phased approach is aligned with broader efforts to stabilize and strengthen the economy.
— Mohamed Saeed (@em_saeed) January 19, 2025
The Development Bank will aim to resolve challenges faced in funding PSIP projects through syndication finance, as well as to increase interest in retaining foreign currency within the Maldives banking system. The bank will also be providing financing to government and private sector projects.
The operating license for the Development Bank was granted by central bank Maldives Monetary Authority in October last year.
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