Foreign experts appointed to helm Development Bank of Maldives

President Dr. Mohamed Muizzu has appointed foreign experts with extensive experience in the global financial arena to helm the Development Bank of Maldives (DBM).

DBM’s chairperson Aruni Goonetilleke, a Singaporean, and CEO Noel Gregor Paterson-Jones, a British national, paid a courtesy call on President Muizzu at the President’s Office on Monday morning.

According to the President’s Office, they had “a fruitful discussion about ways to improve and diversify the Maldivian economy, drawing on the chairperson and CEO's extensive knowledge and experience in the field.”

Goonetilleke, who was appointed as the DBM’s chairperson, is a financial services expert with over 25 years of experience in global financial markets, specializing in business origination, governance, credit assessment, and risk management in emerging markets.

Her background includes transformational roles in corporate banking, credit, risk Mmanagement, and internal audit across international and Sri Lankan banks.

She holds a Master of Laws (LL.M) from Harvard University.

Meanwhile, Paterson-Jones, DBA’s CEO, has been a key figure in green investments, leading the establishment of the National Infrastructure Fund in Saudi Arabia as Chief Investment Officer.

He also chairs the Electric Vehicle Africa Fund and manages clean energy projects in Southeast Asia, demonstrating his expertise in green finance and infrastructure development.

He holds a M Phil Management Studies from Oxford University, UK.

In a video message ahead of the meeting, President Muizzu stressed the significance of the establishment of DBM – which will become the first development bank to be established in the Maldives.

He said that the biggest purpose of the DBM is to diversify and expand the Maldivian economy.

“We will operate this bank, In Sha Allah. The CEO and chairperson selected both have extensive experience in financial institutions across the world. I am on my way to meet them,” he said.

President Muizzu said that once the DBM begins operations, it will become a hub for investment in economic sectors including tourism, real estate, housing, renewable energy, and more.

Development banks are financial institutions with the focus of introducing new businesses, industrial activities, and other economic initiatives in countries.

The banks are primary lenders for new ventures with loan facilities to setup businesses and activities as well.

The establishment of such an institution in Maldives is one of President Dr. Mohamed Muizzu’s electoral pledges.

President Muizzu used the powers vested in him under the Companies Act to form the Development Bank of Maldives Limited on May 16.

The Economic Ministry applied with the central bank, Maldives Monetary Authority (MMA) for a license to operate DBM on July 28.

Two members were elected to the bank’s board on August 21. They are:

• Ahmed Ali, a Maldivian;
• Saeed Abdul Nasir Bin Saeed Hassan Al-Junaid, a Singaporean; and
• Robert Daniel Kant, a Briton.

According to the President’s Office, the institution 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.