Govt signs with QFC to support International Financial Center

The Ministry of Economic Development and Trade has signed a memorandum of understanding with the Qatar Financial Center (QFC) on providing technical support for the development of the International Financial Center in the Maldives.

According to the ministry in a statement, this partnership will assist with capacity development and academic support in developing the center. Under the agreement, QFC will carry out information session on best practice and legal framework in financial management and operational strategies.

QFC will further enhance networking opportunities with regulatory legal entities, financial institutions, and technical experts as well.

Speaking about the partnership, the Minister of Economic Development Mohamed Saeed said the efforts are aligned with President Dr. Mohamed Muizzu’s vision for the establishment of an international financial institution in the Maldives. He expressed confidence of QFC’s support in realizing this objective.

The current government has revealed plans of establishing the international financial center along with convention centers and hotels in Kaafu Funadhoo after shifting the oil tankers in the island to an alternative location.