President Dr. Mohamed Muizzu has announced the formation of the Development Bank of Maldives Limited, a new state-owned entity entirely held by the Government of the Maldives. This establishment, created under the authority granted by Section 15 of the Companies Act (Act No. 7/2023), aims to bolster the nation’s economic framework.
The Development Bank of Maldives Limited aligns with the government’s strategic policies. Its primary objectives include funding infrastructure projects, investing in sustainable economic and social development, and addressing the challenges associated with financing Public Sector Investment Program (PSIP) projects through syndicated financing.
Additionally, the bank seeks to promote greater retention of foreign exchange within the nation’s banking system, fostering economic stability and growth. The bank's registered address is at the Ministry of Finance, Ameenee Magu, 20379, Male’ City, Maldives.