Minister of Economic Development and Trade, Mohamed Saeed, has announced the upcoming opening of a development bank in the Maldives this year. The minister disclosed this information during the launch of a specialised loan and leasing scheme for women entrepreneurs by the SME Development Finance Corporation (SDFC).
The establishment of the development bank aligns with President Dr. Mohamed Muizzu's commitment. Minister Saeed shared that discussions with foreign businessmen are underway to realise this initiative, aiming to enhance the country's financial sector.
Minister Saeed emphasised that the introduction of a development bank will contribute to the improvement of the country's financial landscape. He suggested that the existing six banks in the Maldives could focus on the tourism and development sectors, while the development bank takes on a broader role.
President Muizzu, in the Presidential Statement at the opening of the Parliament, expressed the government's vision to position the Maldives as a significant destination for international financial transactions and trade. As part of this vision, the President outlined plans to relocate the current oil storage facility in Fonadhoo, Kaafu Atoll, to establish a specialized center for international financial transactions. The creation of the Maldives International Financial Services Authority was noted as a facilitator for these initiatives.