Maldives Monetary Authority has today granted the license for operation of the first established Development Bank of Maldives.
Minister of Economic Development and Trade Mohamed Saeed stated on social media platform X today that getting the license for the operation of the first development bank in the country is a historical milestone.
We are honored to have obtained the first license for Development Banking in the Maldives. This is a historic milestone for the country as envisioned by HEP Dr @MMuizzu in his manifesto and Economic Development vision laid by HE the President Dr Muizzu @presidencymv @MoEDmv pic.twitter.com/h2W6bf5B1A— Mohamed Saeed (@em_saeed) October 13, 2024
The license was presented to Minister Saeed by MMA Governor Ahmed Munavvar.
MMA said that the establishment of the Development Bank would pave the path for introduction of long-term financing services necessary for economic and financial development.
MMA has stated that the bank should be in operation by October 12, 2025.
The company, Development Bank of Maldives Limited, with 100 percent Maldivian government ownership, was formed by President Dr Mohamed Muizzu on May 16.