Development Bank receives license

Central bank, Maldives Monetary Authority (MMA) has granted Development Bank of Maldives (DBM) banking license to operate as a development bank in the Maldives on Sunday.

The license was handed over by MMA’s governor Ahmed Munavvar and received by Economic Minister Mohamed Saeed.

Minister Saeed, via a post on X, said the award of the license marks a historic milestone for the country as envisioned by President Dr. Mohamed Muizzu in his manifesto and economic development vision.

MMA, in a statement, expressed their belief that the commencement of banking services by the DBM will facilitate the introduction of long-term financing services and drive economic growth in the Maldives.

“The MMA consider this as important step towards expanding and developing the financial sector of the Maldives,” the statement read.

DBM is required to commence banking operations latest by October 12^th, 2025.

The establishment of a development bank in Maldives is one of President Dr. Mohamed Muizzu’s electoral pledges. He used the powers vested in him under the Companies Act to form the Development Bank of Maldives Limited on May 16. 

President Muizzu made key appointments to the DBM in August. Aruni Goonetilleke, a Singaporean, was appointed as the Chairperson and Noel Gregor Paterson-Jones, a British national, was appointed as the CEO.

Other members appointed to the DBM’s board include:

• Ahmed Ali, a Maldivian;
• Saeed Abdul Nasir Bin Saeed Hassan Al-Junaid, a Singaporean; and
• Robert Daniel Kant, a Briton.

According to the President’s Office, the institution was formed in alignment with the government’s policies, including the funding of infrastructure projects, investing in sustainable economic and social development, addressing the difficulties associated with financing PSIP projects through syndicated financing, and fostering a greater interest in maintaining foreign exchange within the nation's banking system.