President Dr Mohamed Muizzu has inaugurated the Development Bank of Maldives Limited, a 100 per cent state-owned institution.

The bank was established in line with Government policies to promote sustainable economic and social development. It aims to secure funding for infrastructure projects, address financing challenges in Public Sector Investment Programme (PSIP) projects through syndicated finance, and retain foreign exchange within the country’s banking system. With its launch, long-term financing services for economic and financial development will now be available in the Maldives, marking a significant milestone in strengthening the nation’s financial sector.

On October 13, 2024, the Maldives Monetary Authority issued a banking licence to the Development Bank of Maldives Limited, enabling its establishment as a development bank.

Aruni Goonetilleke, the Chairperson of the Development Bank of Maldives Limited, is an expert in global financial markets, specialising in business origination, governance, credit assessment, and risk management in emerging markets. She holds a Master of Laws (LL.M) from Harvard University.

Noel Gregor Paterson-Jones, the Chief Executive Officer of the bank, is a prominent figure in green investments and previously led investment teams in the establishment of the National Infrastructure Fund. He holds a Master of Philosophy (MPhil) from Oxford University, UK.

The Development Bank of Maldives Limited was established under the authority granted to the President by Section 15 of the Companies Act (Act No. 7/2023). Its registered address is the Ministry of Finance, Ameenee Magu, 20379, Malé, Maldives.