Noel Gregor Paterson-Jones, Managing Director and CEO of the Development Bank of Maldives (DBM), has resigned from his position. The Privatisation and Corporatisation Board (PCB), which oversees state-owned enterprises, announced on Sunday that it had accepted his resignation. The reason for his departure has not been disclosed.
Paterson-Jones, a UK national, was appointed as the CEO of the Development Bank on 26 August 2024. He brought extensive experience in green investment, having previously served as Chief Investment Officer of the National Infrastructure Fund of Saudi Arabia, Chair of the Electric Vehicle Africa Fund, and a manager of clean energy projects in Southeast Asia. He holds a Master of Philosophy in Management Studies from Oxford University.
Paterson-Jones’ appointment came alongside Aruni Goonetilleke, who was named chairman of DBM. Goonetilleke has over 25 years of experience in the financial sector.
DBM was established as part of President Mohamed Muizzu’s presidential pledges, intended to support economic growth by providing long-term financial resources, promoting sustainable development, and attracting foreign investment. The bank was officially inaugurated on 16 November last year, though its operations have yet to commence. Economic Minister Mohamed Saeed recently stated that work on setting up the bank’s institutional framework is progressing as planned.
The resignation marks a significant change in the leadership of the newly formed bank, which was created to address financial challenges and facilitate major development projects in the Maldives.
