Maldives development bank's chief resigns
The bank’s headquarters was officially opened in November, but operations have not yet commenced.
Noel Gregor Paterson-Jones, Managing Director and CEO of the Development Bank of Maldives (DBM), has resigned.
The Privatisation and Corporatisation Board (PCB), which oversees state-owned enterprises, announced Sunday on 'X' that it had accepted his resignation. The reason for the resignation was not disclosed.
Paterson-Jones has experience in green investment and has held various roles, including Chief Investment Officer of the National Infrastructure Fund of Saudi Arabia, Chair of the Electric Vehicle Africa Fund, and manager of clean energy projects in Southeast Asia. He holds a Master of Philosophy in Management Studies from Oxford University, UK.
With Noel, the government had in 2024 appointed Aruni Goonetilleke as the chairman of DBM. She has more than 25 years of experience in the financial sector.
The DBM was established as part of President Mohamed Muizzu's presidential pledges. The bank’s headquarters was officially opened in November, but operations have not yet commenced.
Economic Minister Mohamed Saeed recently stated that work on setting up the bank’s institutional framework is progressing as planned.
The government established DBM to address financial and economic challenges and facilitate economic growth. The bank aims to provide long-term financial resources, support sustainable development, and attract foreign investment to the Maldives.
