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.
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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.
