The Economic Minister, Mohamed Saeed, announced yesterday that the Development Bank of Maldives will commence operations in July.
During a ceremony to formalize agreements with the International Free Zone Authority (IFZA) in Dubai to develop the Special Economic and Financial Services Zone in Fonadhoo and the Maldives Economic Gateway in Ihavandhippolhu, Minister Saeed expressed optimism about the transformative impact this initiative will have on the country’s financial landscape.
Development banks play a vital role in providing financial support for establishing and growing industries and businesses within a country. These institutions are poised to offer loans and other forms of financial assistance to facilitate business initiation.
Saeed remarked, “The [development bank] holds the promise of a significant milestone in our financial history.”
He further stated, “Private investors, who are set to collaborate with the bank, have demonstrated their confidence and commitment, providing us with reassurance and support.”
Establishing a development bank in the Maldives aligns with a presidential campaign pledge made by Mohammed Muizzu.
Earlier in January, the International Financial Services Authority was established to foster the development of the financial industry. Former Vice President Abdulla Jihad has been appointed as the Chairman of this agency.
