Maldives pres establishes first development bank
The bank will also assist in fostering a greater interest in maintaining foreign exchange within the nation's banking system.
Top Stories
-
Complaint filed with JSC over judge’s remarks on defence lawyer
-
Court orders 5-day remand for MP Zakir over fishermen’s protest
-
Chinese firm awarded MVR 91.8M Hulhumalé road works contract
-
Malé mayor says council audit findings sent to ACC, police
-
Yameen accuses president of failing to deliver on promises
Summary
The bank will also assist in fostering a greater interest in maintaining foreign exchange within the nation's banking system.
President Dr Mohamed Muizzu on Thursday formed a state-owned establishment designated as Development Bank of Maldives Limited 100% of which is held by the Government.
The company was formed in alignment with the government's policies, including the funding of infrastructure projects, investing in sustainable economic and social development, addressing the difficulties associated with financing PSIP projects through syndicated financing, president's office said in a brief statement.
The country's first development bank will also assist in fostering a greater interest in maintaining foreign exchange within the nation's banking system, it added.
The bank will be run under the finance ministry.
