President Dr. Mohamed Muizzu has established the Maldives International Financial Services Authority under the Special Economic Zone (SEZ) law.
This new institution falls under the Ministry of Economic Development and Trade’s mandate. The President announced the decision to form the institution on January 4.
At the time, President Muizzu said the institution would be established in Kaafu Funadhoo which is currently being used as a fuel farm. He said the fuel farm would be relocated for the purpose.
"After opening up the opportunity for it, developing Funadhoo or that location as an international financial center is how it's included in the vision we just saw," the President said.
The President's Office today announced that the fuel farm will be relocated to Kaafu Maagirifalhu.
Speaking during a ceremony to launch the third phase of the Velana International Airport (VIA) development project, the President said changing Funadhoo to a financial center was also important for the airport development.
"God willing, deliberations will conclude at the cabinet meeting next Sunday to establish a new authority under the name of 'Maldives International Financial Services Authority.' The Maldives International Financial Services Authority will become the first step on the path to establishing international financial centers in the country," he said.
In addition, the 'Maldives Industrial Freezone Company' that the government is currently working on setting up will develop an SEZ re-export zone in Thilafushi and other reclaimed land in the area after awarding plots for housing and other purposes, he said.
"By making use of the opportunities that have opened up for us, it will be made a re-exporting SEZ zone," President Muizzu said.
