The Development Bank of Maldives Limited (DBML) has been officially received a license to operate the first development bank in the Maldives.
The central bank, Maldives Monetary Authority (MMA)’s Governor Ahmed Munawwar handed over the license to Economic Minister Mohamed Saweed at a ceremony held at MMA on Sunday.
The MMA requires the bank to start operations before October 12 next year.. The central bank anticipates that the establishment of the bank will introduce long-term financing services for economic and financial growth in the Maldives.
“The Authority believes that the opening of this bank is an important step towards strengthening and expanding the financial sector in the Maldives,” the MMA said in a statement.
The creation of the development bank is part of President Dr. Mohamed Muizzu’s presidential pledges. The President established 100 percent state-owned DBML on May 16 this year under the powers conferred to him under the Companies Act. The bank applied for its operating license from the central bank on July 28.
The bank will be located in the Allied Building at the intersection of Chaandhanee Magu and Ameer Ahmed Magu. The CEO and Chairman of the bank have already been been appointed, with Noel Gregor of the UK as the CEO, and Aruni Goonetilleke of Singapore as the Chairman. Goonetilleke brings over 25 years of experience in the international finance. She specializes in business origination, governance, credit assessment and risk management in emerging markets.
