The Privatization and Corporatization Board (PCB) has announced the appointment of four individuals to the Board of the Maldives Development Bank, the state-owned entity tasked with driving infrastructure and economic development initiatives.
The new board members are:
1. Hassan Miras – M. Mafuna
2. Ahmed Azyan Hameed – M. Lansimuge
3. Maeesha Ibrahim – D. Kudahuvadhoo, Thikareethu
4. Azmeen Rasheed – GDh. Ratafandhoo, Chabeyleevila
The appointments were made in accordance with the law on the privatization, corporatization, and oversight of state-owned businesses.
The Maldives Development Bank was established on May 16, 2024, under the direction of President Dr. Mohamed Muizzu. The bank's mandate includes investing in sustainable economic and social development, facilitating syndicated financing for PSIP projects, enhancing access to development funding, and increasing foreign currency reserves within the banking system.
The bank was created under the President’s authority as provided in Article 15 of the Companies Act.