MVR 12 million spent on development bank which is yet to start operations

Oct 25, 2025, 6:38 AM

DBM headquarters. -- Photo: Mirash Nashim/ Adhadhu

The Finance Ministry has revealed that MVR 11.9 million was spent by August this year on the Maldives Development Bank (DBM), which is yet to begin operations.

In response to a Right to Information (RTI) request by Adhadhu, the ministry said MVR 11,998,267 had been issued to DBM by August 2025.

Adhadhu requested details of the expenses, but the ministry declined and said DBM is a separate legal entity established under a presidential decree.

According to the ministry's response, MVR 3,000,000 was spent in 2024, while MVR 8,998,267 was spent by August 25, 2025.

The Maldives Monetary Authority (MMA) issued the license to DBM on October 13, 2024, on condition that banking services be provided within a year.

The bank was officially inaugurated on November 16, 2024, to mark the first anniversary of President Mohamed Muizzu's government.

It was established to facilitate loans and funds for development, but has not yet provided any services or issued any loans.

The bank’s CEO, Noel Gregor Paterson-Jones, resigned on March 23, before the facility began operating, due to unpaid salaries.

Development Bank Public Expenditure Right to Information (RTI)Finance Ministry

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