Economic Ministry Seeks License to Operate Development Bank of Maldives

Development banks are financial institutions focused on fostering new businesses, industrial activities, and other economic initiatives. They primarily provide loans for setting up new ventures and activities.

Economic Minister Mohamed Saeed announced on X that the  application was submitted on Sunday morning. This follows President Muizzu’s use of powers under the Companies Act to form the Development Bank of Maldives Limited in May.

Saeed revealed on Public Service Media (PSM) that two experienced financial experts have been appointed to the bank’s board. He also mentioned that a business plan has been formulated and feasibility studies conducted.

While the MMA processes the license application, the government plans to allocate a building for the bank’s operations, aiming to open next month. Saeed noted a slight delay from the initial timeline, attributing it to the search for top experts. The government has also posted a job vacancy in an international newspaper seeking a foreigner to head the bank.