Adhadhu has learnt that the Maldives Development Bank (MDB) has not started providing services 21 days after its official inauguration.

President Dr. Mohamed Muizzu inaugurated MDB on November 16. The bank's purpose is to invest in sustainable economic and social development 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 was closed when Adhadhu journalists went there to check its services and facilities.

Muizzu decided to establish the Maldives Development Bank in May. 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 the Maldives Development Bank on October 13. The license was issued on condition that banking services be provided within a year.

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.