The government has received two names for the position of Chief Executive Officer (CEO) of the Maldives Development Bank (MDB).
Speaking at the opening ceremony of the Maldives Accountant Forum, Minister of Economic Development and Trade Mohamed Saeed announced that the MDB is expected to receive its licence soon, with two candidates identified for the CEO position through a foreign recruitment agency. Noting that the company has been registered, Minister Saeed disclosed that two experienced individuals from major foreign banks have been appointed to the bank's board of directors. The minister highlighted that the MDB board would comprise top regional experts, including international financial specialists.
Furthermore, Minister Saeed confirmed that the application for the bank's operating licence has been submitted to the Maldives Monetary Authority (MMA) and that efforts to secure a building for the bank are underway. He also said that the bank would become operational within the next few weeks.
The establishment of MDB was decided on May 16 under the authority of President Dr. Mohamed Muizzu. The bank aims to invest in sustainable economic and social development, and to raise funds for infrastructure projects in line with government policies. It also seeks to address challenges in financing Public Sector Investment Programme (PSIP) projects through syndication finance and to enhance the attractiveness of foreign currency deposits in the domestic banking system. President Muizzu emphasised that appointments to MDB would involve individuals with relevant experience from around the world. He also ensured that the bank's operations will be effectively managed.