Minister of Economic Development and Trade, Mohamed Saeed, has stated that the work of the Development Bank of Maldives is proceeding according to schedule. In a post on X, Minister Saeed said that the Development Bank’s work is being carried out in three phases or stages. He stated that the work of the first phase is progressing as scheduled. Saeed said that the Development Bank’s model prioritizes finding institutional investors and large infrastructure projects. He also mentioned that the government has plans to introduce retail services later.
“This project, which is being carried out in different stages, is work being done to stabilize and strengthen the economy, to expand it,” Saeed said. Saeed stated that the Development Bank is one of the most important projects among the efforts being made to recover from the pit the country has fallen into due to the irresponsibility of the previous government. In line with President Dr. Muizzu’s presidential pledge, the Development Bank of Maldives Limited was established on May 16 of last year.
Arooni Gunatilake has been appointed as the Chairperson of the Development Bank, and Noel Gregor Patterson-Jones has been appointed as the CEO.
