Maldives Development Bank to Receive Licenses This Week: Governor Munawwar

The Maldives Monetary Authority (MMA) will grant the necessary licenses for the Development Bank of Maldives this week, according to Governor Ahmed Munawwar. Speaking at a program on the Public Service Media (PSM), Governor Munawwar confirmed that the MMA board had reached this decision as part of efforts to strengthen the nation’s financial infrastructure.

Governor Munawwar emphasized that the creation of the Development Bank will address gaps in the current banking system, which has struggled to provide sufficient financial support for key sectors like resort development. He highlighted that many industries stand to benefit from the establishment of this new financial institution, which is expected to support infrastructure development, investment in sustainable economic growth, and foreign exchange retention.

"The Maldives has often had to seek external financial assistance to meet development needs. This new bank will ensure that we can generate financing within our own system, benefiting the nation’s economy," Governor Munawwar explained. He also pointed out that the decision to establish an International Financial Center aligns with this broader goal of improving the domestic financial sector.

President Dr. Mohamed Muizzu officially founded the Development Bank of Maldives Limited earlier this year in May. The institution is fully owned by the Maldivian government, with the aim of addressing financial challenges related to Public Sector Investment Program (PSIP) projects, syndication financing, and overall economic development. The establishment of the bank marks a significant step towards enhancing the country’s economic self-reliance.

This development is expected to reduce the dependency on external sources of funding and enhance long-term economic stability by focusing on local financial solutions. The bank will play a pivotal role in maintaining the nation’s foreign exchange reserves, ensuring liquidity for large-scale development projects.