President Dr. Mohamed Muizzu has inaugurated the Development Bank of Maldives (DBM), fulfilling a key pledge from his manifesto. The launch, which took place on 16th November 2024, was carried out in collaboration with the Ministry of Economic Development and Trade (MEDT) and the Maldives International Financial Services Authority (MIFSA).
The DBM, the first of its kind in the Maldives, aims to drive economic progress by funding infrastructure projects and supporting sustainable economic and social development. Established as a fully state-owned entity by presidential decree in May 2024, the bank will focus on addressing the financing needs of Public Sector Investment Programme (PSIP) projects through syndicated funding. Additionally, it seeks to promote the retention of foreign currency within the national financial system. The DBM secured its banking licence from the Maldives Monetary Authority (MMA) in October 2024.
Highlighting the nation’s economic aspirations, President Muizzu stated, “Becoming a developed country will also require fostering new industries. This is why we are dedicated to building a robust financial sector. The creation of the Development Bank of Maldives is a step towards advancing economic diversification.” This statement reflects remarks made by the president during his address at the United Nations General Assembly in September.
Minister of Economic Development and Trade, Mohamed Saeed, expressed his optimism regarding the bank’s potential impact. He commented, “The Development Bank of Maldives is designed to empower the economy. By offering financing and risk management solutions, we aim to nurture the entrepreneurial spirit, strengthen industries, and invest in a prosperous future.”
The establishment of the DBM represents a significant move towards achieving the government’s vision of bolstering economic resilience and fostering sustainable growth across the country.
