President Dr Mohamed Muizzu established the Development Bank of Maldives Limited on Thursday, a state-owned establishment wholly owned by the Government of Maldives; the bank was established under authority granted to the President by Section 15 of the Companies Act (Act No. 7/2023).
The company was formed in alignment with the Government’s policies, including:
- Funding of infrastructure projects
- Investing in sustainable economic and social development
- Addressing the difficulties associated with financing PSIP projects through syndicated financing
- Fostering a greater interest in maintaining foreign exchange within the nation’s banking system
The registered address of the Development Bank of Maldives Limited is the Ministry of Finance, Ameenee Magu, 20379, Male, Maldives.
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