Noel Gregor Paterson-Jones has resigned as CEO of Development Bank of Maldives.

The Privatization and Corporatization Board said today that Noel Gregor Paterson-Jones, who held the position of Managing Director and Chief Executive Officer of Development Bank of Maldives Limited, has submitted his resignation, which has been accepted and he has been relieved from the position.

Noel Gregor Paterson-Jones was appointed as the CEO of Development Bank in August last year.

Peterson-Jones played a crucial role in establishing the National Infrastructure Fund of Saudi Arabia as Chief Investment Officer. Peterson-Jones has also earned a Master of Philosophy in Management Studies from the University of Oxford in the United Kingdom.

The Development Bank of Maldives was opened in November last year. This bank, which is 100 percent owned by the government, was inaugurated by President Dr. Mohamed Muizzu.

Creating a development bank was one of the President's campaign promises. It is the first development bank opened in the Maldives.

The bank was established to invest in sustainable economic and social development in line with government policies, to finance urban development, to address challenges in financing PSIP projects through syndication finance, and to increase interest in foreign currency deposits in the Maldivian banking system.