The Maldives took a significant step forward in its economic development yesterday, as the Maldives Monetary Authority (MMA) officially granted a license to the Maldives Development Bank (MDB).
At a ceremony held at the MMA headquarters, Governor Ahmed Munawwar presented the license to Economic Minister Mohamed Saeed, marking the formal establishment of the Maldives’ first development bank.
The Maldives Development Bank is expected to play a crucial role in financing projects aimed at promoting sustainable economic growth. As the first institution of its kind in the country, MDB will focus on supporting various sectors, including small and medium enterprises (SMEs), and key industries such as agriculture, fisheries, and infrastructure development.
The creation of MDB comes as part of the government’s broader efforts to diversify the nation’s economy and reduce its reliance on tourism. The bank is expected to offer long-term financial solutions to businesses and projects that contribute to the country’s economic growth and resilience.
Further details on the bank’s operations and services are expected to be announced soon.
