The central bank, Maldives Monetary Authority (MMA) will ensure that a transparent regulatory framework is established with the Maldives International Financial Center (MIFC) in line with international best practice, Governor Ahmed Munawwar has assured.
Speaking during a ceremony on Sunday evening to formalise agreements with Dubai-based MBS Global Investment to develop the MIFC, an USD 8.8 billion initiative aimed at reshaping the nation's economy, Governor Munawwar pointed out that Maldives’ tourism which had only been hinged on its natural beauty, will see new avenues for growth with the establishment of the new center.
It will also offer a major boost to the efforts being made to position Maldives as a hub for trade and finance in the region, he said.
The Governor assured that the MMA will always support the financial and economic transformation in the Maldives, adding that the central bank will ensure that a transparent regulatory framework is established with the MIFC in line with international best practice.
According to Munawwar, one of the most important objectives of the center is to attract foreign investments to the Maldives. The center also aims to provide additional employment opportunities to the youth in the field of digital banking and finance, he added.
Conceived as a sustainable financial hub, the project is designed to attract global investment while positioning the Maldives as a leading financial centre in the Indian Ocean.
Government officials anticipate that the MIFC will contribute significantly to the Maldives‘ economic growth, with Gross Domestic Product (GDP) expected to increase within four years. By the fifth year, revenue projections exceed USD 1 billion, reinforcing the initiative's role in broadening the country's economic base beyond tourism.