The Privatisation and Corporatisation Board (PCB) has appointed four members to the Board of Directors of the newly established Development Bank of Maldives Limited. The appointments, made on 29 June under the governing legislation on state-owned enterprises, mark a key step in operationalising the institution.
The new board members are Hassan Miras, Ahmed Azyan Hameed, Maeesha Ibrahim, and Azmeen Rasheed.
The Development Bank of Maldives was established by President Dr Mohamed Muizzu on 16 May 2024, aligning with the administration’s broader economic agenda. The bank is designed to promote sustainable economic and social development through targeted financial support for key national projects.
One of its core functions is to address funding challenges faced by infrastructure initiatives under the Public Sector Investment Programme (PSIP), using syndicated finance arrangements. In doing so, the bank is also expected to help retain foreign exchange within the domestic banking system, reducing reliance on external financial intermediaries.
Before the Development Bank of Maldives became operational, its first Chief Executive Officer and Managing Director, Noel Gregor Paterson Jones, appointed in August 2024 and present at the bank’s inauguration in November, resigned in March 2025.
The Privatisation and Corporatisation Board accepted his resignation effective immediately. Bank officials clarified that he had received full remuneration up to his departure, while Paterson Jones subsequently filed a claim at the Employment Tribunal regarding alleged unpaid benefits. However, the case was dismissed due to procedural issues, with no ruling on the financial merits, and there is no indication that his exit was related to service non provision at the fledgling institution.
