Economic Minister Mohamed Saeed has announced that the Maldives Development Bank (DBM) will start its services in phases. Initially, the bank will focus on large infrastructure projects and institutional investors, with plans to offer retail banking services later.

In a post on X, Minister Saeed said this phased approach aims to stabilise and boost the economy, addressing past challenges in managing public finances. He highlighted that DBM would play a key role in bringing stability and supporting economic growth.

The bank fulfils a campaign promise by President Dr Mohamed Muizzu, making it the first development bank in the Maldives. Its goals include funding large infrastructure projects, solving challenges in financing government projects, and encouraging the retention of foreign currency within the country.

The Maldives Monetary Authority (MMA) granted DBM a banking licence in October 2024. Aruni Goonathilaka, an expert in financial services and governance, is the Chairperson, while Noel Grega Patterson-Jones, with extensive experience in infrastructure financing, is the CEO.

Established in May 2024, DBM marks a major step towards strengthening the country’s economy. It aims to support development, promote sustainability, and drive long-term financial growth in the Maldives.