The Development Bank of Maldives Limited (DBM), a key pledge of President Dr. Mohamed Muizzu, has received regulatory clearance to commence operations, one year after its establishment.
The Maldives Monetary Authority (MMA) granted DBM permission to begin business effective Wednesday. The central bank had earlier issued DBM its banking license on October 13, 2024.
DBM is a 100 percent government-owned institution, envisioned to expand access to long-term financing and support the Maldives’ sustainable economic development. The MMA described the bank’s launch as a significant step toward strengthening the country’s financial sector.
Although the bank was officially inaugurated on November 16, 2024, it had not launched services until now.
President Dr. Mohamed Muizzu inaugurates the Development Bank of Maldives (DBM) Limited on Saturday evening, November 16, 2024. (Photo/President's Office)
President Muizzu had appointed two foreign experts to lead the institution: Sri Lankan financial veteran Aruni Goonetilleke as Chairperson, and UK national Noel Gregor Paterson-Jones as CEO. Paterson-Jones, however, resigned shortly after his appointment and filed a case with the Employment Tribunal on April 7, citing unpaid salary and benefits for his notice period. Board director Ahmed Ali also resigned on March 23, shortly after Paterson-Jones’ departure.