Economic Minister Mohamed Saeed says the rollout of the Development Bank of Maldives is structured into three phases, with the first phase - the institutional setup, which is progressing on schedule.
Saeed said that the DBM’s business model prioritizes institutional investors and large-scale infrastructure projects, with plans to introduce retail services at a later phase.
He also said that this phased approach is aligned with broader efforts to stabilize and strengthen the economy.
In his comments the Minister aimed heavy criticism at the former government, pinning the country's dire economic state on them and their policies.
President Dr. Mohamed Muizzu inaugurated the country's first-ever development bank back in November.
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.
