MMA grants licence to Maldives' first development bank

Maldives Monetary Authority (MMA) on Sunday granted banking license to the Development Bank of Maldives Limited to operate a development bank in the Maldives.

The Development Bank of Maldives Limited is 100% owned by the government of Maldives.

At a ceremony held at MMA, central bank governor Ahmed Munawwar handed over the banking licence to economic minister Mohamed Saeed. 

"The MMA believes that the commencement of the banking services by the Development Bank of Maldives Limited will facilitate the introduction of long-term financing services and drive economic growth in the Maldives. The bank is required to commence banking operations latest by 12th October 2025," a statement from the central bank read.

"The MMA consider this as important step towards expanding and developing the financial sector of the Maldives."

Aruni Goonetilleke has been appointed as the chairperson and Noel Gregor Paterson-Jones as the CEO of the Development Bank of Maldives.

Aruni Goonetilleke is a financial services expert with over 25 years of experience in global financial markets, specialising in business origination, governance, credit assessment, and risk management in emerging markets. Her background includes transformational roles in Corporate Banking, Credit, Risk Management, and Internal Audit across international and Sri Lankan banks. She holds a Master of Laws (LL.M) from Harvard University.

Noel Gregor Paterson-Jones has been a key figure in green investments, leading the establishment of the National Infrastructure Fund in Saudi Arabia as Chief Investment Officer. He also chairs the Electric Vehicle Africa Fund and manages clean energy projects in Southeast Asia, demonstrating his expertise in green finance and infrastructure development. He holds a Master of Philosophy (MPhil) from Oxford University, UK.

The Development Bank of Maldives was established on May 16 in alignment with the president's pledge.