Central Bank Maldives Monetary Authority (MMA) has granted banking license to the Development Bank of Maldives Limited to operate a development bank in the Maldives.

Economic Minister Mohamed Saeed posted on X today that the Development Bank has been granted the banking license today, noting that it is a historic step for the Maldives. He further added that this would greatly support the economic vision of President Dr. Mohamed Muizzu.

Governor Ahmed Munawwar handed over the license to Economic Minister Mohamed Saeed during a ceremony held today.

Under the powers conferred on the President by Article 15 of the Companies Act, President Muizzu established the Development Bank of Maldives on May 16 this year.

Noel Gregor Paterson-Joneshas been appointed as the CEO of the bank while Aruni Goonetilleke, a Singaporean, was appointed as the chairman. They are two experienced people who have previously worked in various international financial institutions.

The Privatization Board previously appointed three individuals to the Board of Directors of the Development Bank of Maldives Limited. The board members include a local, Ahmed Ali, Saeed Abdul Nasir bin Saeed Hassan Al Junaid from Singapore, and Robert Daniel Kant from England.

The Development Bank is located in the Business Center Corporation (BCC) SME Hub building.