Development bank to begin operations soon, Saeed says
Although several target dates had previously been announced for the bank’s commencement, operations have yet to begin.
The Development Bank of Maldives (DBM) will begin operations soon, Minister of Economic Development and Trade Mohamed Saeed said on Tuesday.
Responding to a question from Galolhu South MP Meekail Naseem in Parliament, Saeed said there is currently no development bank operating in the Maldives. He explained that the DBM differs from commercial banks, as it is intended to raise funds and facilitate financing for national development projects rather than handle daily deposit and withdrawal transactions.
“The Development Bank is progressing as expected and will be operationalised very soon,” Saeed said.
The DBM was established in May 2024 with the aim of supporting large-scale development initiatives and attracting foreign investment. The Maldives Monetary Authority issued the operating licence for the bank on 16 October last year.
Although several target dates had previously been announced for the bank’s commencement, operations have yet to begin. Saeed said preparations are ongoing to ensure the institution becomes functional within the planned framework.
