Qatar Financial Centre (QFC) has announced the decision to provide assistance to the Maldives International Financial Services Authority (MIFSA), which is under development. The Ministry of Economic Development and Trade have entered an agreement with QFC, regarding this decision.
The economic ministry has underlined the pivotal role of this agreement, in capacity building and attaining important information required to establish a financial institution in the Maldives. It noted that the agreement will facilitate in accessing information regarding the operational strategies and financial management techniques utilised by developed countries. It will also serve as an opportunity to foster relations with other financial institutions, financial regulators and legal authorities.
Regarding the agreement, Minister of Economic Development and Trade Mohamed Saeed has stated that this initiative aligns with the vision of President Dr. Mohamed Muizzu. He expressed confidence that QFC will provide significant assistance to establish the financial institution.
President Dr. Muizzu decided to relocate the fuel storage in Funadhoo in Kaafu Atoll to Maagiri Falhu, develop a Special Economic Zone in Funadhoo and transform the island into a financial hub. He announced the decision to establish the International Financial Services Authority, earlier this year. The government has also decided to develop a bridge, linking Male' City, Funadhoo, Hulhule' and Hulhumale'.