The Maldives Monetary Authority (MMA) has officially granted a banking licence to the Development Bank of Maldives Limited, a state-owned financial institution. This significant step, announced on 13th October 2024, marks the establishment of a new development bank in the Maldives, wholly owned by the Government of Maldives.
The Development Bank of Maldives Limited is expected to play a crucial role in the country’s financial landscape, primarily focusing on providing long-term financing services to stimulate economic growth. The introduction of the bank is seen as a critical initiative towards expanding and developing the nation’s financial sector.
The MMA has outlined a timeline for the bank’s operational launch, requiring the commencement of its banking services no later than 12th October 2025. The launch is anticipated to address a growing demand for development-oriented financial services in the Maldives, paving the way for enhanced economic activities across various sectors.
This move is widely regarded as a milestone in the Maldives’ journey to diversify and strengthen its financial infrastructure. The MMA has emphasised the potential for the Development Bank of Maldives Limited to contribute to sustained economic development through strategic financing solutions.
