Today, President Dr Mohamed Muizzu has formed a state-owned establishment designated as Development Bank of Maldives Limited 100% of which is held by the Government of Maldives. This state-owned entity was established under authority granted to the President by Section 15 of the Companies Act (Act No. 7/2023).
The company was formed in alignment with the Government's policies, including the funding of infrastructure projects, investing in sustainable economic and social development, addressing the difficulties associated with financing PSIP projects through syndicated financing, and fostering a greater interest in maintaining foreign exchange within the nation's banking system.
The registered address of the Development Bank of Maldives Limited is the Ministry of Finance, Ameenee Magu, 20379, Male, Maldives.