Economic Minister Mohamed Saeed failed to provide a specific opening date for the Development Bank of Maldives (DBM) during today’s parliament sitting, despite the bank having been officially inaugurated in November 2024 without yet offering any services.
The question was posed by Ibrahim Nazil, the Parliamentary Group Leader of the opposition Maldivian Democratic Party (MDP). Nazil requested the Minister to provide an exact date for when the DBM office would officially open its doors for operations.
"The Development Bank is a crucial institution, and the necessary work to operationalise it is currently underway. When the Honourable MP asks this question, I must say that we are discussing entirely new initiatives," Saeed remarked.
He also criticised the former MDP administration, claiming they failed to establish even a single neighbourhood fish factory. Saeed stated that he was compelled to highlight the previous government's unfulfilled promises because the opposition continued to repeatedly question the status of the DBM.
His response was met with applause from members of the ruling party.
MVR 12 million spent on development bank which is yet to start 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.
The DBM was established by the current administration to facilitate investment in sustainable economic and social development, as well as to secure funding for infrastructure projects. It was officially inaugurated by President Mohamed Muizzu on November 16, 2024, and was highlighted as one of the key achievements of the administration’s first year in office.
However, to date, the institution has not commenced any service operations.
