President Dr. Mohamed Muizzu has stated the Development Bank of Maldives (DBM) would be an important hub for investors in Maldives. He made the statement during his meeting with the two members to be appointed to the board of directors of MDB as its Chairman and Chief Operating Officer (CEO).
Prior to his meeting with the two individuals, the President in a special message shared on social media, stated that this is an important and historic step towards boosting the economy of Maldives. He assured that the bank would be established very soon and that investments on major projects will follow it.
He went onto note that the Development Bank of Maldives would become an investment hub for investors in the tourism industry, resort construction, renewable energy, real estate and housing. The President reiterated the establishment of a development bank is one of the most important parts of the government's manifesto to expand and diversify the Maldivian economy.
DBM was established in May 2024, with the aim to enhance the attractiveness of foreign currency deposits within the domestic banking system. 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.
President Dr. Mohamed Muizzu has assured that the bank's operations would be managed effectively to achieve these objectives. He has also emphasised that the DBM board would consist of top regional experts, including international financial specialists, ensuring that the bank is guided by individuals with extensive global experience.
The government disclosed the identification of two candidates for the CEO through a foreign recruitment agency, earlier this month. Additionally, two experienced professionals from major international banks were also appointed to the board of MDB earlier this month, following three more appointments in the last week. 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.