Total MVR 6.5 million has been spent on the Development Bank of Maldives (DBM) as of March 25, according to the Finance Ministry.
The establishment of a development bank in Maldives was one of President Dr. Mohamed Muizzu’s electoral pledges. He used the powers vested in him under the Companies Act to form the Development Bank of Maldives Limited on May 16, 2024. The Economic Ministry applied with the central bank, Maldives Monetary Authority (MMA) for a license to operate DBM on July 28, 2024, and the license was granted two months later on October 13, 2024. The DBM was inaugurated on November 16, 2024, but has yet to be operationalized.
Ahmed Mauroof, an attorney-at-law, filed a petition under the Right to Information Act seeking the total spending on the DBM, including the cost of branding, license fee, the cost of the inauguration ceremony, the office building, rent, salaries, transport, and consultancy and professional services expenses.
In response, the Finance Ministry said that total MVR 6,566, 338.20 had been spent on the bank from its inception to March 25.
The Finance Ministry did not provide any details regarding the expenses.
Noel Gregor Paterson-Jones, who was appointed as the CEO and Managing Director of the DBM on August 26, 2024, tendered his resignation on March 20. He lodged a case with the Employment Tribunal on April 7, seeking his alleged remuneration for the notice period of his resignation.
Shortly after Paterson-Jones’ exit from DBM, another board director, Ahmed Ali, tendered his resignation on March 23.
The DBM has said that it is working on recruiting replacements.
The delay in the operationalization of the DBM was sparked public concern. However, Economic Minister Saeed rejected this criticism in a press briefing back in April, insisting that rollout of the bank is progressing “on schedule”.