Speaking at the inauguration of Development Bank Maldives, the Minister of Economic Development and Trade, Mohamed Saeed, has stated that Government has made significant strides in strengthening the economy over the past year, surpassing the efforts of any previous administrations.

The Minister noted the difficulty for a new leader to assume office during a period of economic uncertainty but underscored the considerable steps that has been taken to develop the economy over the past year.

These include strategies to address foreign exchange challenges, subsidy reforms and measures to reduce government expenditure.

The Minister highlighted that the Development Bank Maldives is the first of its kind in the country and represents a far-sighted policy by President Dr Mohamed Muizzu. The bank aims to finance infrastructure projects, support private enterprises and play a vital role in economic growth.

In addition to the Development Bank, the Minister emphasised that a bill to regulate financial centres will be presented to the Parliament in the coming weeks, with the aim of expanding the financial sector and creating a more business-friendly environment. He also noted that the Qatar Financial Centre, Dubai International Financial Centre and Abu Dhabi Global Market will play a key role in supporting the development of the country’s International Financial Centre.

The Minister further emphasised that substantial efforts will be required to ensure the success of the Development Bank. He highlighted that the bank will play a significant role in expanding investment banking, wholesale banking, asset management, hedge funds, maritime insurance services and Islamic finance.