First National Finance Corporation (First National) and the Maldivian Red Crescent (MRC) have launched the Maldives’ first blended finance initiative to develop MRC’s land in Hulhumalé.
The project brings together philanthropic, public, and private capital to create a model for partnerships that combine social impact with financial innovation. It aims to strengthen community resilience while contributing to the development of the country’s capital market.
Speaking at the signing ceremony, Mr. Hassan Ziyath, CEO of First National, described the collaboration as a “turning point” in the Maldives’ development finance landscape.
“This engagement is not just a responsibility, it is a privilege,” said Mr. Ziyath. “We carry this role with immense pride, knowing that our efforts will directly strengthen the humanitarian backbone of our nation.”
Mr. Ziyath also highlighted First National’s growing track record in financial innovation, including the launch of the Maldives’ first online trading platform in 2022, the introduction of the first Money Market and Savings Fund, and ongoing efforts to launch the nation’s first Green Bond.
“This initiative marks a historic first, blending philanthropic, public, and private capital to create a sustainable humanitarian asset,” he added. “It opens a new avenue of collaboration that we hope will inspire similar partnerships across sectors.”
The launch also marks a defining moment for the Maldivian Red Crescent in its institutional journey.
Reflecting on the significance of the project, Mr. Ali Nashid, President of the Maldivian Red Crescent, remarked that establishing a permanent home for the organisation “strengthens our position as the leading humanitarian organisation in the country.” He remarked further, “This dedicated space will enhance our ability to coordinate, respond and reach those in need, enabling us to build capacity, expand our reach and pursue our humanitarian mandate with greater impact.”
Under the partnership, First National will lead financing, project management, and post-completion stewardship of the land development, ensuring the project generates long-term social and economic value by aligning financial innovation with humanitarian purpose.
The signing ceremony was attended by representatives from the Capital Market Development Authority, Maldives Stock Exchange, embassies, and financial institutions.
The First National–MRC partnership reflects ongoing efforts to strengthen the Maldives’ financial and social infrastructure through innovative and collaborative approaches.
