Govt seeks licence to open Maldives' first development bank
President Muizzu wants the agency to become a trusted development bank in the region.
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Government on Sunday submitted a proposal to the central bank to seek approvals for the establishment of a development bank.
Economic minister Mohamed Saeed said in a post on 'X' that the application for the license to operate the development bank has been submitted to the Maldives Monetary Authority (MMA) on Sunday.
The first development bank in Maldives will be opened this month, the minister said earlier.
Regarding the development bank, Saeed had earlier said:
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President Mohamed Muizzu wants the agency to become a trusted development bank in the region
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The bank will find the best foreign CEO
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Work with the government as well as private companies has given the green signal to investors to invest in the bank
The Maldives International Financial Services Authority was established in January to develop a financial industry in Maldives, including a development bank and offshore banking services.
The establishment of a development bank to provide concessional financing for development projects and such matters is a presidential pledge.
