By The Maldives has taken a significant step forward in its economic development as the Maldives Monetary Authority (MMA) today granted the much-anticipated license to the Maldives Development Bank. This achievement comes as a testament to the visionary leadership of President Dr. Mohamed Muizzu, who established the Development Bank of Maldives Limited earlier this year on May 16.
At the licensing ceremony, held at the MMA, Governor Ahmed Munawwar presented the license to the bank, with Economic Minister Mohammed Saeed officiating the event. The newly appointed leadership of the bank includes Chairman Arun Gunathilaka and CEO Noel Grega Patterson-Jones, both of whom bring a wealth of international experience in the banking and development sectors.
Under President Muizzu’s guidance, the Maldives Development Bank is poised to become a crucial hub for investors across vital sectors such as tourism, energy, infrastructure, and broader development projects. The government’s aim to launch the bank within this year reflects President Muizzu’s commitment to accelerating sustainable economic and social development in line with national policy objectives.
President Muizzu’s initiative to establish the bank was driven by the need to address funding challenges for key government projects, particularly the Public Sector Investment Programme (PSIP), while also strengthening the Maldives’ foreign exchange reserves. The bank is expected to play a pivotal role in attracting foreign investment and supporting long-term infrastructure development, a cornerstone of President Muizzu’s broader economic vision for the country.
As the nation looks ahead, this significant milestone marks another achievement in President Dr. Muizzu’s administration, laying the foundation for a prosperous and sustainable future for the Maldives.