Minister of Economic Development and Trade Mohamed Saeed has stated that the Government will operationalise the Development Bank of Maldives (DBM) to finance both private sector ventures and state-led development projects.

Speaking at a press conference at the President’s Office, Minister Saeed said the lack of development financing has long hindered progress in the Maldives, but no administration had previously taken concrete steps to resolve it until now.

“Everyone talks about the lack of development financing – politicians, government leaders – but no one has actually done anything. President Dr Mohamed Muizzu has taken that step,” he said.

Minister Saeed described the move to establish the bank during a time of global economic uncertainty as a testament to the President's foresight and patience.

DBM will not operate like a traditional commercial bank, he explained. Instead, it is designed to access international financial markets on behalf of the Government to secure funding for critical infrastructure and development initiatives. The bank will leverage the sovereign credibility of the state and the trust of global financial markets.

According to the Minister, the bank’s mandate includes financing stalled resort developments and other incomplete projects. He confirmed that all preliminary arrangements, including licensing and administrative setup, have been completed, with the Ministry of Finance and Planning advancing operations.

While the bank’s CEO recently resigned, Minister Saeed stressed that the Government remains committed to the institution’s growth and development. He acknowledged that building a fully functional development bank will take time.

The Minister also called on opposition parties to support the initiative, urging cooperation and the exchange of constructive ideas to ensure long-term economic growth for the Maldives.