President Dr Mohamed Muizzu on Sunday inaugurated the Development Bank of Maldives (DBM), marking the first of its kind in the Maldives.

Formed as a wholly state-owned company, DBM aims to invest in sustainable economic and social development, funding infrastructure projects and addressing constraints in public sector financing through syndicated financing, a method of financing which uses a group of lenders. It also aims to encourage greater retention of foreign currency within the country’s financial system.

Speaking at the opening ceremony, Economic Minister Mohamed Saeed said the bank will help the economic development of Maldives and will pave the way for expansion of small businesses.

The DBM is led by CEO Noel Gregor Paterson-Jones, an expert with over 28 years of experience in investment banking and asset management. The Chairperson, Aruni Goonetilleke, is a Harvard graduate with over 25 years of experience in international finance.

Located in the Allied Office Building, DBM received its banking license from the Maldives Monetary Authority (MMA) on 13th October 2024.

DBM, together with Maldives International Financial Services Authority (MIFSA), intends to develop the financial services sector and shape the economic landscape of the country.

The DBM was established under the authority granted to the President by Section 15 of the Companies Act (Act No. 7/2023).