The Privatization and Corporatization Board (PCB) has announced the appointment of four new members to the Board of Directors of the Maldives Development Bank. The appointments were made in accordance with the legal framework governing the privatization, corporatization, monitoring, and evaluation of state-owned enterprises.
The newly appointed board members are:
1. Hassan Miras, M. Maafuna
2. Ahmed Azyan Hameed, M. Lansimuge
3. Maisha Ibrahim, D. Kudahuvadhoo, Thikureythi
4. Azmeen Rasheed, GD. Ratafandhoo, Chabelivilla
The Maldives Development Bank was established on May 16, 2024, under the executive authority granted to the President by Article 15 of the Companies Act. The institution was created by President Dr. Mohamed Muizzu as a strategic financial entity aimed at advancing sustainable economic and social development in alignment with national policy objectives.
The Development Bank’s mandate includes securing funding for infrastructure development projects, addressing gaps in financing for Public Sector Investment Program (PSIP) initiatives through syndicated finance, and enhancing foreign currency reserves within the national banking system.
The appointment of the new board members marks a step forward in operationalising the bank’s governance structure and advancing its institutional goals.