The government has announced the consideration of two candidates for the position of Chief Executive Officer (CEO) of the newly established Maldives Development Bank (MDB).
At the opening ceremony of the Maldives Accountant Forum, Minister of Economic Development and Trade, Mohamed Saeed, revealed that MDB is on the brink of receiving its licence, with the CEO candidates being identified through a foreign recruitment agency. Minister Saeed noted that the company has been officially registered, and two seasoned professionals from major foreign banks have been appointed to the bank’s board of directors. He highlighted that the MDB board would consist of top regional experts, including international financial specialists.
Minister Saeed further confirmed that the application for the bank’s operating licence has been submitted to the Maldives Monetary Authority (MMA) and that efforts to secure a building for the bank are in progress. He also assured that the bank would commence operations within the next few weeks.
The decision to establish MDB was made on 16 May under the authority of President Dr Mohamed Muizzu. The bank aims to invest in sustainable economic and social development and to raise funds for infrastructure projects in alignment with government policies. Additionally, it seeks to address challenges in financing Public Sector Investment Programme (PSIP) projects through syndication finance and to enhance the attractiveness of foreign currency deposits within the domestic banking system. President Muizzu emphasised that appointments to MDB would include individuals with relevant experience from around the world, ensuring that the bank’s operations will be effectively managed.
As the Maldives Development Bank progresses towards becoming operational, it holds the potential to significantly impact the country’s economic landscape, promoting growth and development in line with the government’s vision.
