2 foreigners identified as development bank chief, Saeed says

Two foreign officials have expressed interest in the post of CEO of Maldives' first development bank, the Maldives Development Bank (MDB), economic minister Mohamed Saeed said on Saturday.

Speaking at the opening ceremony of the Accountants Forum, Saeed said the company had sought experienced foreigners to run the MDB through a foreign recruitment agency.

“Two names have already been proposed for the post of CEO through an outside recruitment agency,” he said.

Saeed said the governing board to run the MDB would include the best financial professionals available in the region. The bank's board will consist of two people who have run major foreign technical banks, he said.

The MDB has now applied for a license to the central bank, the Maldives Monetary Authority (MMA). The ground floor of the Allied Insurance building, which used to house the SME hub, has now been vacated.

The minister said the main purpose of the MDB is to invest in sustainable economic and social development and to raise funds for infrastructure development. They include:

Saeed said the oil storage in K. Funadhoo island will be replaced by an international financial centre in Maldives by 2028.

Saeed said he is working to facilitate Maldivian professionals working in various fields to enter foreign markets. He said the free trade agreement with China, one of the world's largest economies, would facilitate that.