The Privatisation and Corporatisation Board (PCB) has appointed three new members to the board of directors of the Maldives Development Bank (MDB), including one Maldivian and two international experts.
The newly appointed board members are Ahmed Ali from the Maldives, Robert D. Kant from England, and Saeed Abdul Naasir bin Saeed Hassan Al Junaid from Singapore. The Ministry of Economic Development and Trade highlighted that the MDB board would consist of top regional experts, including international financial specialists, ensuring that the bank is guided by individuals with extensive global experience. President Dr. Mohamed Muizzu also emphasised the importance of appointing individuals with relevant international expertise to MDB's board.
Earlier this month, Minister of Economic Development and Trade Mohamed Saeed announced that the application for the bank's operating license has been submitted to the Maldives Monetary Authority (MMA), and efforts are underway to secure a suitable building for the bank's operations. The Minister further disclosed that two candidates for the CEO position have been identified through a foreign recruitment agency and that two experienced professionals from major international banks have been appointed to the board of directors.
The establishment of MDB was decided on May 16 under the authority of President Dr. Mohamed Muizzu. The bank's mission is to invest in sustainable economic and social development, raise funds for infrastructure projects aligned with government policies, and address challenges in financing Public Sector Investment Programme (PSIP) projects through syndication finance. Additionally, MDB aims to enhance the attractiveness of foreign currency deposits within the domestic banking system. President Muizzu assured that the bank's operations would be managed effectively to achieve these objectives.