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Development Bank of Maldives to be operational by July

Minister of Economic Development and Trade Mohamed Saeed has announced that the Development Bank of Maldives (DBM) will be operational by July. These remarks were made during a programme aired on PSM News.

Providing insight into the development of DBM, Minister Saeed underscored the current lack of financial instruments necessary for further economic revitalization, highlighting that few banks facilitate funding to strategic industries, and funds for tourism-related purposes are generally sourced from external foreign parties.

Moreover, the minister reiterated that the development of the bank has been initiated within the first 100 days of President Dr. Mohamed Muizzu assuming office, in line with his presidential pledge. The company has been formally registered, and finance-related works are currently in motion, with the required license expected to be received by next week.

Notably, DBM was established on May 16 in accordance with the presidential powers conferred upon President Dr. Muizzu. The primary purpose of establishing this bank is to facilitate investments for sustainable socio-economic development in alignment with governmental policies. It further aims to alleviate challenges in funding Public Sector Investment Programs (PSIP) through syndicated financing and attract global investments in foreign currency through the Maldivian banking system.