Maldives to commence development bank operations in July
According to Saeed, the government had received the green light from several investors willing to invest in the bank.
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Summary
According to Saeed, the government had received the green light from several investors willing to invest in the bank.
Maldives will commence operations of its inaugural development bank in July, economic minister Mohamed Saeed announced Sunday.
Speaking after signing an MoU with Dubai's IFZA to develop a special economic and a financial services zone at Funadhoo Island and the Maldives Economic Gateway at the northernmost Ihavandhippolhu, Saeed said the development bank will be a historic milestone in the country's development.
According to Saeed, the government had received the green light from several investors willing to invest in the bank.
"...those who will invest in the bank are already giving us full assurance and indications that they will come with confidence and be a part of this initiative," the minister said.
"We are very confident that we can begin its operations in July."
Government in January formed a new agency named the 'Maldives International Financial Authority' with the sole aim of establishing a development bank and offshore banking services in the country.
Incumbent President Dr. Mohammed Muizzu earlier this month appointed former vice president Abdulla Jihad as the chairman of the new finance authority.
