Saeed avoids timeline on development bank launch in parliament
He instead referred to projects proposed during the previous administration.
Minister of Economic Development and Trade Mohamed Saeed did not provide a direct response on the launch date of the Development Bank of Maldives (DBM) during Monday’s sitting of the People’s Majlis.
The question was raised by Minority Leader and Maldivian Democratic Party (MDP) Member for Hithadhoo South, Ibrahim Nazil, who asked when the bank would begin operations.
In response, Saeed said work to operationalise the bank is ongoing but did not specify a date. He instead referred to projects proposed during the previous administration.
“When the honourable member asks this question, it brings to mind discussions on new initiatives. During your administration, there were plans for fish factories. Were any completed?” he said.
He also referred to proposals involving fish aggregating devices and other projects, stating that these had not been implemented.
Saeed said land had been allocated for a fish factory in Addu but noted that the project had not progressed. He also referred to other initiatives raised during previous parliamentary discussions.
The Development Bank of Maldives is a state-owned entity established to support investment in development projects. The Maldives Monetary Authority granted the bank a licence in October 2024, following initial approval earlier that year.
In a previous parliamentary session, Saeed had also declined to provide a specific timeline for the bank’s launch.
Following the establishment of DBM, Noel Gregor Paterson-Jones was appointed as Chief Executive Officer. He resigned in March before the bank began operations.
