President Dr Mohamed Muizzu has inaugurated the Development Bank of Maldives Limited (DBML), the first of its kind in the country. The bank was established to support infrastructure projects, promote sustainable development, and address financing challenges in Public Sector Investment Programme (PSIP) projects.

DBM, a 100 percent State-owned company, received its banking licence from the Maldives Monetary Authority in October. The bank also aims to retain foreign currency within the country’s financial system.

Economic Development Minister Mohamed Saeed called the bank a “catalyst for economic empowerment,” designed to support businesses, industries, and long-term growth.

The bank is led by CEO Noel Gregor Paterson-Jones, an expert in investment banking, and Chairperson Aruni Goonetilleke, an experienced financial services professional. Both leaders are committed to driving sustainable growth and creating opportunities for future generations.