The Maldives Monetary Authority (MMA) has officially granted a license for the operation of the country’s first Development Bank, marking a significant milestone in the nation’s financial sector.
Minister of Economic Development and Trade, Mohamed Saeed, announced the historic development today on social media platform X, expressing pride in the achievement. The license was presented to Minister Saeed by MMA Governor Ahmed Munavvar.
We are honored to have obtained the first license for Development Banking in the Maldives. This is a historic milestone for the country as envisioned by HEP Dr @MMuizzu in his manifesto and Economic Development vision laid by HE the President Dr Muizzu @presidencymv @MoEDmv pic.twitter.com/h2W6bf5B1A
— Mohamed Saeed (@em_saeed) October 13, 2024
According to MMA, the establishment of the Development Bank of Maldives will enable long-term financing options essential for sustained economic growth and financial development in the country. The bank is expected to begin operations by October 12, 2025.
Development Bank of Maldives Limited, the entity formed to operate the bank, is entirely owned by the Maldivian government. It was established under the leadership of President Dr. Mohamed Muizzu on May 16, 2024.
