Another board member of the Development Bank of Maldives (DBM) Limited has resigned on Wednesday.
Privatization and Corporatization Board (PCB), on Thursday, said DBM board member Ahmed Ali, Ma. Wayside, Flat 805, submitted his resignation on Wednesday. As such, PCB said they have accepted his resignation and removed him from the post.
Ali, who had filled senior posts at Maldives Inland Revenue Authority (MIRA), was appointed to the board on August 21st.
Ali’s resignation comes a month after the resignation of DBM’s Chief Executive Officer and Managing Director, Noel Gregor Paterson-Jone on March 23rd.
The resignations have come before the full operationalization of DBM since its inception.
Development Bank of Maldives was established under the authority granted to the President under Section 15 of the Companies Act, on May 16th, 2024. The Bank received its banking license from Maldives Monetary Authority (MMA) on October 13th, 2024.
Development banks are financial institutions with the focus of introducing new businesses, industrial activities, and other economic initiatives in countries.
The banks are primary lenders for new ventures with loan facilities to setup businesses and activities as well.
According to the government, DMB was formed in alignment with the government’s policies, including the funding of infrastructure projects, investing in sustainable economic and social development, addressing the difficulties associated with financing PSIP projects through syndicated financing, and fostering a greater interest in maintaining foreign exchange within the nation's banking system.
Minister of Economic Development and Trade Mohamed Saeed said the bank will enhance financial and technical assistance while addressing debt obligations, including equity financing, syndication, and risk insurance.
He also added that the bank will play pivotal role in the urban development and commercial landscape of the Maldives thereby ensuring economic sustainability.
Singaporean national Aruni Goonetilleke, an expert in global financial markets specializing in business origination, governance, credit assessment, and risk management in emerging markets with 25 of years of experience, was appointed the bank’s chairperson.
Months after its inception, DBM has failed to fully operationalize, provoking backlash from the public—especially due to the Maldives' dire financial state.
Notably, several senior officials from the central bank, Maldives Monetary Authority (MMA) have also recently resigned in protest of some policies of the government, including plans to print money.