The central bank, Maldives Monetary Authority (MMA) has granted an operating licence to the Development Bank of Maldives (DBM), allowing it to begin operations.
President Dr Mohamed Muizzu established DBM, a 100-percent government-owned institution, on 16 May 2024. The bank was established in line with government policies, aiming to address challenges in investing in sustainable economic and social development through raising funds for infrastructure development and funding Public Sector Investment Programme (PSIP) projects through syndication finance, and attracting foreign deposits into the domestic banking system.
MMA issued a banking licence to DBM on 13 October 2024. According to MMA, the operating licence has now been issued. Once the bank begins operations, it will facilitate long-term financial assistance and contribute to the Maldives’ sustainable economic development. The central bank described the bank’s establishment as an important step forward in the efforts to expand and strengthen the Maldives’ financial sector.
The bank is the country’s first investment and development bank, fulfilling a presidential pledge. It will provide long-term financing and low-interest loans for major development projects and large private investments. The President had earlier said the bank will serve as an important hub for investors, especially in tourism, resort development, renewable energy, real estate and housing.