The government has spent MVR 6.5 million on the Maldives Development Bank (DBM) as of March, with the bank yet to start operations.
The information was sought by lawyer Ahmed Mauroof under the Right to Information (RTI) Act. In the response, the Finance Ministry said MVR 6,566,338.20 has been spent on DBM until March 25.
The Finance Ministry did not provide details on how the money was spent, but specified the categories of costs.
- Branding
- License Fee
- Cost of opening the bank
- Expenditure on the office building
- Expenses incurred as rent
- Expenditure on salaries
- Transportation expenses
- Cost of consultancy and professional services
The DBM was inaugurated on November 16, 2024, to mark the one-year anniversary of President Dr. Mohamed Muizzu's government. But the bank has not provided any services or issued any loans.
The Maldives Monetary Authority (MMA) issued the license to operate DBM on October 13, 2024. The license was issued on condition that banking services be provided within a year.
The government says the bank will facilitate the provision of loans and funds for development.
However, no services have been started to date. The bank’s CEO, Noel Gregor Paterson-Jones, resigned on March 23, before the facility began operating, due to unpaid salaries.
