President Dr. Mohamed Muizzu has inaugurated the Maldives’ first development bank, the Development Bank of Maldives.
The bank is a 100 percent state-owned institution established in line with government policies to promote sustainable economic and social development.
The central bank, Maldives Monetary Authority (MMA) granted the operational license to the Development Bank of Maldives Limited (DBML) on October 13, mandating the bank to commence operations before October 12 next year.
With its launch, long-term financing services for economic and financial development will now be available in the Maldives, marking a significant milestone in strengthening the nation’s financial sector.
The Development Bank of Maldives is headquartered at the Umar Shopping Arcade building in Chaandhanee Magu, Male’.
