The Development Bank of Maldives (DBM) will play a pivotal role in transforming the Maldives into a developed nation, according to the bank’s CEO, Noel Gregor Patterson-Jones Ray.

President Dr Mohamed Muizzu has outlined a vision to transform the Maldives into a developed nation by 2040. At the official launch of DBM on Saturday, the CEO underscored the bank’s vital role in advancing the country’s economy and tackling financial challenges to achieve the President's ambitious goal.

The bank is expected to address key issues such as financial constraints, limited investment in the construction sector, and the country's high debt levels. By providing targeted financing and attracting investors, DBM aims to boost the construction industry and support infrastructure development, aligning with the Government’s broader economic agenda.

In addition to its focus on large-scale projects, DBM will provide much-needed support for small and medium enterprises (SMEs), fostering innovation and entrepreneurship. The bank’s operations are designed to align with Government policies, including promoting sustainable development, securing funds for major projects, and addressing funding gaps for public sector investment programme (PSIP) initiatives through syndicate finance.

Another significant objective of DBM is to encourage the retention of foreign currency within the Maldivian banking system, contributing to the country’s financial stability.

The institution is set to be a cornerstone in the Maldives' journey towards economic resilience and development, supporting the Government’s commitment to creating a prosperous future by 2040.