Two months have passed since the date announced by the government to open the Development Bank of Maldives (DBM).

Economic Minister Mohamed Saeed said on May 12 that the DBM will be opened in July.

"We are looking to start operations of the bank in July," he said.

Four days later, President Dr. Mohamed Muizzu formed the Development Bank of Maldives Limited, a 100 percent state-owned company.

However, the work to set up DBM is still not complete. The bank's headquarters and outlet will be opened on the first floor of the building formerly used by the Business Center Corporation (BCC) for the SME Hub. The work is being done by MTCC.

When questioned about the delay, Minister Saeed told Adhadhu that efforts are being made to bring the DBM into operation and that work will be completed very soon.

The government says it had to introduce a development bank into the banking system 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 has appointed Aruni Goonetilleke as Chairperson and Noel Gregor Paterson-Jones as CEO.