Development bank on schedule with institutional setup, Saeed says
While the bank is operational in terms of infrastructure, its activities have not yet commenced.
Development Bank of Maldives (DBM) is advancing according to schedule, with its institutional setup underway, Economic Minister Mohamed Saeed announced Sunday.
The establishment of the bank was a key presidential pledge by President Mohamed Muizzu, and its building was officially inaugurated on November 16. While the bank is operational in terms of infrastructure, its activities have not yet commenced.
Saeed shared an update on the progress via a post on 'X,' outlining a three-phase plan for the bank’s operations:
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The first phase involves completing the institutional setup, which is proceeding as planned.
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The second phase will focus on stabilising the economy through strategic initiatives.
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Efforts will be directed at addressing financial mismanagement and restoring fiscal responsibility.
The Development Bank is housed in the Umar Arcadia building, where Allied Insurance also operates.
The bank aims to address financial and economic challenges and contribute to the country's economic growth. Its objectives include:
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Providing long-term financial resources to facilitate sustainable development.
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Attracting foreign investments to support economic progress.
The cabinet approved the establishment of the bank in January last year as part of the government’s strategy to fulfil its economic pledges. The Maldives Monetary Authority (MMA) granted the license in October, paving the way for the bank’s operationalisation.
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