New development bank will serve as investors' hub, president says

Upcoming development bank of Maldives will be a hub for investors, President Mohamed Muizzu said on Monday.

The president met with the newly-appointed chairman and CEO of the development bank, which is set up to provide concessional financing for development projects and such.

The president did not say exactly who would be appointed as the heads of the bank. However, he said two people with experience in the banking sector are being appointed to the two posts.

The Privatisation and Corporatisation Board on Wednesday announced the appointment of three members to the bank's board: 

In a video released by the President's Office, the president said the establishment of the development bank is one of the most important pledges in the government's manifesto.

“A very experienced person who has worked for a long time in different parts of the world has been appointed as the CEO and chairman,” he said.

"The coming days will see the establishment of the development bank of Maldives, which will become a hub for the tourism industry to build resorts and invest in the country in the field of renewable energy and various other sectors.

The president said it would be an important bank for both the real estate and housing markets.

Government had in July submitted a proposal to the central bank to seek approvals for the establishment of a development 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.