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Maldives' first development bank to be established this year: Saeed

Minister of Economic Development and Trade Mohamed Saeed has announced that the Maldives' first development bank will be established within 2024.

Mariyath Mohamed
24 February 2024, MVT 15:06
Minister Saeed speaks at the SDFC event.
Mariyath Mohamed
24 February 2024, MVT 15:06

Minister of Economic Development and Trade Mohamed Saeed has announced that the Maldives' first development bank will be established and will commence services within this year.

In an event held by SME Development Financing Corporation on Thursday night to launch dedicated loans for women entrepreneurs, Minister Saeed revealed that efforts are ongoing to establish a development bank to provide funding for projects being undertaken in the Maldives.

Giving further details of these efforts, Saeed said to Mihaaru that currently, work is being conducted on drafting the necessary regulations for the formation of a development bank. He shared that Maldivian businesses, investors and foreign investors will be given the opportunity to join the bank.

Saeed said that the establishment of a development bank would facilitate the provision of funds needed for projects to investors at a low interest rate.

Establishment of a development bank in the Maldives is one of President Dr Mohamed Muizzu's presidential pledges. In early January, the government formed a dedicated authority to draft the necessary laws and regulations for the establishment of said bank. The government is collaborating with foreign industry experts to get the necessary technical assistance required by the authority.

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