Minister of Economic Development and Trade Mohamed Saeed shared information about the implementation strategy of the recently inaugurated Development Bank of Maldives (DBM) through social media today.

The Minister took to social media platform X to indicate that the Development Bank of Maldives would follow a three-phase rollout structure, with the institutional setup forming the first phase, which he noted was proceeding according to schedule.

He further outlined that the bank's business model would focus primarily on institutional investors and large-scale infrastructure projects and explained that retail services would be introduced in a later phase, describing this staged approach as part of broader economic stabilisation and strengthening efforts.

The Minister then addressed the current financial situation, suggesting that stability had been achieved despite inheriting what he characterised as financial mismanagement from the previous administration.

The Development Bank of Maldives, inaugurated by President Dr Mohamed Muizzu on November 16, 2024, is a fully state-owned institution established to promote sustainable economic and social development. Under the leadership of Chairperson Aruni Goonetilleke and CEO Noel Gregor Paterson-Jones, the bank aims to secure funding for infrastructure projects and address financing challenges in Public Sector Investment Programme (PSIP) projects through syndicated finance.