Not only will this upcoming development bank provide easy funding for Government projects, but the bank will also provide funding for private projects as well.
SunOnline International
The Maldives is set to revolutionise its financial sector as the Minister of Economic Development and Trade, Mohamed Saeed revealed that the Maldives is set to open its first development bank. Although the Maldives already has its own banks such as the Bank of Maldives (BML) and Maldives Islamic Bank (MIB), this development bank will focus on providing financing for major projects.
The minister revealed that the Maldives is set to reach this major financial sector milestone this July, as the bank is set to be launched in the upcoming few months. Not only will this upcoming development bank provide easy funding for Government projects, but the bank will also provide funding for private projects as well.
The government, as well as private parties, will have stakes in the bank, and some foreign investors have already expressed their interest. The bank's operations are set to begin sometime in July.
In addition to funding, development banks usually provide additional financial services which include technical assistance, equity investments, along supporting projects that align with the bank’s developmental objectives. Development banks also often work closely with governments, private sector entities, and international organizations to identify and finance projects that contribute to overall socio-economic progress.
By launching the Maldives' first development bank, the Government of the Maldives will be catalyzing investment in key sectors of the country's economy, fostering innovation, creating employment opportunities, and ultimately contributing to sustainable development and prosperity for the Maldivian people.
