News Desk
Malé, Maldives — In a move set to reshape the Maldives’ financial landscape, the Maldives Monetary Authority (MMA) has officially approved the country’s first-ever development bank, marking a historic milestone in President Dr. Mohamed Muizzu’s broader vision to transform the nation’s economy.
Economic Minister Mohammed Saeed shared the news on X, calling it “a historic milestone for the country, as envisioned by President Muizzu in his manifesto.” He added that the establishment of the Development Bank of Maldives aligns with the President’s economic development goals, which aim to diversify the economy beyond its traditional dependence on tourism.
The official certificate for the bank was presented to Minister Saeed by MMA Governor Ahmed Munawwar in a formal ceremony, alongside senior officials from both the MMA and the Ministry of Economic Development.
The Development Bank of Maldives, created by a presidential decree on May 16, will provide crucial financing to a range of sectors, with the goal of promoting sustainable growth and economic resilience in the island nation. While the tourism sector has long been the Maldives’ economic backbone, the new bank signals a shift towards broader financial inclusion and infrastructure development.
Leadership at the bank includes Aruni Goonetilleke, a Singaporean, as Chairperson, and British national Noel Gregor Paterson-Jones as CEO. Other board members include Ahmed Ali from the Maldives, Saeed Abdul Nasir Bin Saeed Hassan Al-Junaid from Singapore, and Robert Daniel Kant from the UK.
This latest financial institution comes on the heels of another key initiative by President Muizzu—the creation of the Maldives International Financial Services Authority, aimed at strengthening the regulatory framework for both onshore and offshore financing. The government hopes these moves will attract international investment and solidify the Maldives as a competitive player in global financial markets.
For a nation heavily reliant on tourism dollars, the establishment of the development bank is seen as a pivotal step in creating a more diversified and resilient economy.
