The Maldives Monetary Authority (MMA) has approved the establishment of the Maldives Development Bank, with the official license expected to be issued within the week, according to MMA Governor Ahmed Munawwar.
Speaking on a program aired by state media PSM, Governor Munawwar confirmed that all necessary studies have been completed, and the MMA Board has approved the bank’s license. He expressed optimism that the licensing process would be finalized soon, marking the beginning of the bank’s operations.
Governor Munawwar emphasized the importance of the Maldives Development Bank in strengthening the country’s financial system, particularly in financing large-scale projects, such as the development of tourism resorts. “The current banking system lacks the capacity to finance these major development efforts,” he noted. “The Development Bank is a key government initiative aimed at addressing this gap.”
In addition to the new bank, Governor Munawwar highlighted the need for establishing an International Financial Center to further enhance the country’s financial capacity. He explained that instead of seeking foreign funding for major projects, the goal is to fund them through domestic banking channels.
The Maldives Development Bank Limited was officially established on May 16 as a 100% government-owned entity, in line with President Dr. Mohamed Muizzu’s pledge to support sustainable economic and social development. The bank will focus on financing infrastructure projects and boosting foreign exchange within the country’s banking system.
Currently, the bank’s building is under construction, with its offices located on the ground floor of the Allied Building. The issuance of the bank’s license this week will officially pave the way for its operations to commence.
