The Maldives cabinet has announced its decision to launch the Maldives International Financial Authority, along with legislation aimed at facilitating the establishment of the Maldives Development Bank.
This decision follows a thorough review of a proposal presented by the Minister of Economic Development and Trade.
During a press conference held today, Abdulla Nazim Ibrahim, the Principal Secretary to the President on Public Policy, revealed that the president has chosen to establish the Maldives International Financial Authority, leveraging constitutional authority. The operations of this authority will be governed by onshore banking license regulations, to be defined by the Maldives Monetary Authority.
Additionally, plans are underway to draft a bill, soon to be presented to Parliament, for the creation of international financial centers within the Maldives. This legislation will grant legal empowerment to the Maldives Development Bank.
The establishment of a Development Bank aligns with the objectives outlined in the new government’s manifesto, with plans to achieve this milestone within the initial 14 weeks.
A Development Bank is a financial institution designed to provide risk capital for non-commercial economic development projects.