MMA grants banking license to operate a development bank in the Maldives
The bank, which is set to open within a few months, is focused on providing financing for major projects by the Government as well as private sector companies.
X @em_saeed
In May 2024, the Minister of Economic Development and Trade, Mohamed Saeed revealed the Government's plan to open its first development bank in the Maldives. The bank, which is set to open within a few months, is focused on providing financing for major projects by the Government as well as private sector companies.
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.
While these plans have been underway for a few months, on the 13th of October, 2024, the Maldives Monetary Authority (MMA) granted the banking license to the Development Bank of Maldives Limited to operate a development bank in the Maldives. These are some of the first major steps that show positive signs towards the development bank project becoming a reality. The 100% Government-owned development bank is expected to commence its banking operations by 12th October 2025, according to MMA. With this, the Development Bank of Maldives Limited can facilitate the introduction of long-term financing services and drive economic growth in the Maldives.
