Maldives to Establish its First Ever Development Bank

The Maldives government applied for a license to operate its first-ever development bank, following the establishment of the Development Bank of Maldives Limited by President Dr. Mohamed Muizzu in May 2024. The bank aims to facilitate sustainable economic and social development in the Maldives, raise funds for infrastructure projects, and address challenges in funding Public Sector Investment Program (PSIP) projects through syndication finance. The government intends to appoint a governing board comprised of foreign financial experts, and it is looking for an experienced foreign banker to fill the CEO position. The bank will initially have 100% government ownership, but plans to include both government and private stakes.