Maldives President Dr. Mohamed Muizzu has officially formed a state-owned establishment designated as Development Bank of Maldives Limited – 100% of which is held by the Maldives Government.
The official announcement of the bank’s establishment was made on May 16, 2024.
This state-owned entity was established under authority granted to the Maldives President by Section 15 of the Companies Act (Act No. 7/2023).
The Development Bank of Maldives was formed in alignment with the government’s policies, including the funding of infrastructure projects, investing in sustainable economic and social development, addressing the difficulties associated with financing PSIP projects through syndicated financing, and fostering a greater interest in maintaining foreign exchange within the nation’s banking system.