Minister of Economic Development and Trade Mohamed Saeed has announced the government's goal to make the Development Bank of the Maldives (DBM) a prominent regional institution.
Speaking at a press conference, Minister Saeed outlined that the DBM will be established with the support of international experts. He emphasised the search for a world-class expert to serve as the Chief Executive Officer (CEO) and noted that the bank’s board would comprise both international and domestic professionals. He also said that the objective is to position the DBM as a regional landmark.
Additionally, Minister Saeed said that a technical assistance team will be brought to the Maldives to develop the bank's documentation and frameworks. He said that this team will have experience in setting up banking systems in some of the world's most developed countries.
Furthermore, Minister Saeed highlighted the benefits the DBM will bring, including solutions to prevent major projects from stalling due to funding shortages. He said that President Dr. Mohamed Muizzu has committed to offering loans below 5% interest for housing construction in the Maldives. He also said that the DBM aims to establish a robust financial sector in the Maldives, enabling citizens to achieve their aspirations.
The DBM was established on May 16 under the authority of President Dr. Muizzu, with plans to be operational by July. The purpose of the bank is to raise funds for sustainable economic and social development and infrastructure projects in alignment with government policies. It also aims to address funding challenges for Public Sector Investment Programme (PSIP) projects through syndication finance and to enhance the attractiveness of foreign exchange deposits within the domestic banking system.