A development bank will be established in the Maldives this year, Economic Minister Mohamed Saeed said.

Speaking to the residents of Haa Alif Hoarafushi as part of the President's ongoing tour of the North, the Minister noted that there is no space in the existing banking system in the Maldives to meet the needs of the people, and therefore the President wants to establish a development bank very soon.

“I assure the President that a development bank will be established within this year,” Saeed said.

Saeed said the bank would ease the facilitation of development funds as per the needs of the people.

Saeed added that housing finance will also be facilitated and the work is being done.