The government has announced that the application for the licence to operate the Maldives Development Bank (MDB) has been submitted to the Maldives Monetary Authority (MMA).
Minister of Economic Development and Trade Mohamed Saeed stated that the application for the bank's licence has been submitted. The MDB was officially established on May 16 under the authority granted to President Dr. Mohamed Muizzu.
Speaking to PSM News, Minister Saeed confirmed that all necessary research for the MDB have been completed and that the company has been registered. He also said that two experienced individuals from major foreign technical banks have been appointed to the board of the bank.
Additionally, Minister Saeed said that preparations for the bank's operational building are underway, with an initial target completion date of July. He, however, said the bank is now expected to be operational by August. He also revealed that the bank is searching for a foreign Chief Executive Officer (CEO) and will announce the recruitment process in an international newspaper.
The MDB aims to invest in sustainable economic and social development and raise funds for infrastructure projects in line with government policies. Its main objective is to address the challenges of funding Public Sector Investment Programme (PSIP) projects through syndication finance and to enhance the attractiveness of foreign exchange deposits within the domestic banking system.