The Maldives Monetary Authority (MMA) has issued the required permit for the Development Bank of Maldives (DBM) to commence banking operations.

DBM, a 100 per cent State-owned company, was established on 16 May 2024 in line with Government policy to support sustainable economic and social development. The bank is mandated to mobilise infrastructure financing, support Public Sector Investment Programme (PSIP) projects through syndicated financing, and increase the inflow of foreign currency into the Maldivian banking system.

The central bank confirmed that the banking licence was issued on 13 October 2024, adding that all necessary permits have now been granted to allow the institution to begin its banking business. MMA expressed confidence that the launch of the Development Bank would facilitate access to long-term financing and contribute to the sustainable development of the Maldivian economy, describing the move as an important milestone in strengthening the country’s financial sector.

The establishment of the Development Bank fulfils a presidential pledge announced by President Dr Mohamed Muizzu, with the Government aiming to expand access to low-interest financing for development projects and private sector investments. The initiative is intended to address longstanding gaps in large-scale and long-tenure financing within the domestic banking landscape.

The Development Bank is expected to serve as a central hub for investors and play a strategic role in financing major national projects. The bank is also expected to support investment across key sectors, including tourism and resort development, renewable energy, real estate, and housing, in efforts to diversify and strengthen the Maldivian economy.