Cabinet Deliberates on the Creation of a National Development Bank

President Dr. Mohamed Muizzu informed his Cabinet about plans to address the potential establishment of a development bank in the Maldives during upcoming discussions

Scheduled for deliberation this Sunday, the Cabinet will focus on key matters, with President Dr. Muizzu highlighting the importance of addressing challenges in online payment platforms, enhancing the tourism sector, and introducing a new category for social housing.

- Advertisement -

Development banks, known for providing non-commercial risk capital for economic development projects, are often government or nonprofit-owned institutions that fund projects unable to secure financing from commercial lenders.

This initiative follows President Dr. Muizzu’s recent declaration of plans to create the Maldives International Financial Services Authority, a crucial step towards realising an international financial centre in the Maldives.

- Advertisement -