President Dr. Mohamed Muizzu officially launched the Development Bank of Maldives Limited, a 100% state-owned entity dedicated to fostering economic and social development across the Maldives. The inauguration marks a pivotal step in the government’s efforts to strengthen the nation’s financial sector.
The bank is set to provide long-term financing solutions for key infrastructure projects and Public Sector Investment Programme (PSIP) initiatives through syndicated finance, thereby addressing significant financing challenges. Moreover, its operations are expected to enhance the retention of foreign exchange within the local banking system, promoting sustainable economic growth.
Speaking at the launch, it was highlighted that the Maldives Monetary Authority had issued the bank’s operational license on October 13, 2024, officially establishing it as a development bank under the Companies Act.
Aruni Goonetilleke, the Chairperson of the bank, brings vast experience in global financial markets, with expertise in credit assessment, governance, and risk management, particularly in emerging markets. A Harvard graduate, she is set to guide the institution’s strategic vision. Joining her is Noel Gregor Paterson-Jones, the CEO, renowned for his work in green investments and infrastructure financing, who holds an MPhil from Oxford University.
The establishment of the Development Bank of Maldives Limited underlines the government’s commitment to sustainable development and economic advancement. Its headquarters is located at the Ministry of Finance in Malé. This initiative is anticipated to play a transformative role in addressing financial challenges while supporting the nation’s long-term development goals.
