The Maldives Monetary Authority (MMA) has issued the necessary permit to the country’s first development bank, the Development Bank of Maldives (DBM), to commence banking operations.
According to the Authority, this permit has been issued to take effect from January 29, 2026.
The MMA previously granted the banking license required to establish a development bank in the Maldives to Development Bank of Maldives Limited on October 13, 2024.
Once the bank’s services commence, it will facilitate the acquisition of long-term financial assistance required for development projects in the Maldives. The central bank believes this will be a significant boost to the sustainable growth of the Maldivian economy.
Furthermore, the MMA noted that this is a vital step forward in the efforts to expand and strengthen the Maldivian financial sector. It is expected that the bank will introduce new investments and opportunities to the Maldivian financial system.
The President established this bank under the name Development Bank of Maldives Limited on May 16, 2024, as a company 100% owned by the Maldivian government. The bank was officially inaugurated on November 17, 2024.
The bank was established in accordance with government policies to invest in sustainable economic and social development, secure funding for infrastructure development, and resolve challenges in funding Public Service Investment Programs (PSIP) through syndication finance. It also aims to increase the appeal of retaining foreign currency within the Maldivian banking system.
With the commencement of the bank’s services, long-term financing essential for economic and financial growth will be introduced in the Maldives.
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