MMA Approves License for Country’s First Development Bank

The Maldives Monetary Authority (MMA) has officially granted a license for the operation of the country’s first Development Bank, marking a significant milestone in the nation’s financial sector.

Minister of Economic Development and Trade, Mohamed Saeed, announced the historic development today on social media platform X, expressing pride in the achievement. The license was presented to Minister Saeed by MMA Governor Ahmed Munavvar.

According to MMA, the establishment of the Development Bank of Maldives will enable long-term financing options essential for sustained economic growth and financial development in the country. The bank is expected to begin operations by October 12, 2025.

Development Bank of Maldives Limited, the entity formed to operate the bank, is entirely owned by the Maldivian government. It was established under the leadership of President Dr. Mohamed Muizzu on May 16, 2024.

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