The Development Bank of Maldives (DBM) has not started providing services two months after its inauguration.
President Dr. Mohamed Muizzu inaugurated DBM on November 16, 2024. The bank's purpose is to invest in economic and social development programs and raise funds for infrastructure development. The bank was highlighted as one of the major achievements of the current administration's first year.
However, the bank has not started providing services. The bank headquarters was closed when Adhadhu journalists went to check its services and facilities.
Muizzu decided to establish the DBM in May last year. The government first announced that the bank would open in July. However, it was delayed due to various reasons and the work was not fully complete when it was opened on November 16.
Maldives Monetary Authority (MMA) issued the license to operate DBM on October 13. The license was issued on condition that banking services be provided within a year.
The government says it decided to introduce a development bank because the existing banking system does not have enough space to bring about the development that the people want. The establishment of the bank will facilitate the provision of loans and funds for development.
As part of the formation process, the bank appointed Aruni Goonetilleke as Chairperson and Noel Gregor Paterson-Jones as CEO.
