President inaugurated Development Bank of Maldives

President Dr. Mohamed Muizzu on Saturday officially inaugurated the Development Bank of Maldives (DBM) Limited, a 100 percent state-owned institution.

The bank was inaugurated in the same venue where the SME Hub previously operated.

The bank is the result of the government’s policies promoting sustainable economic and social development, and aims to secure funding for infrastructure projects. The development bank will also address financing challenges in the Public Sector Investment Program (PSIP) projects through syndicated finance, and retain foreign exchange within the country’s banking system.

Long-term financing services for economic and financial development will become available with the bank’s inauguration, which marks a significant milestone in strengthening the Maldives’ financial sector.

Speaking at the inauguration ceremony, the Minister of Economic Development and Trade Mohamed Saeed said the bank will enhance financial and technical assistance while addressing debt obligations, including equity financing, syndication, and risk insurance.

He also added that the bank will play pivotal role in the urban development and commercial landscape of the Maldives thereby ensuring economic sustainability.

The DBM received its banking license from Maldives Monetary Authority (MMA) earlier on October 13^th, which enabled the establishment of the bank.

Earlier, two foreign financial and banking specialists were appointed to helm the new financial institution; which include Aruni Goonetilleke, the Chairperson of the bank; and Noel Gregor Paterson-Jones, the Chief Executive Officer.

While Ms. Goonetilleke is an expert in global financial markets specializing in business origination, governance, credit assessment, and risk management in emerging markets, and holds a Master of Laws from Harward University the bank’s CEO Paterson-Jones is a prominent figure in green investments and holds a Master of Philosophy from Oxford University.

President Muizzu appointed the two earlier on August 26, 2024.

The Development Bank of Maldives was established under the authority granted to the President under Section 15 of the Companies Act, on May 16^th this year.