The Maldives Monetary Authority (MMA) has officially granted a license for the operation of the Development Bank of Maldives, located in Male’. This significant development was announced by Minister of Economic Development and Trade, Mohamed Saeed, on the social media platform X. He highlighted that obtaining the license marks a historic milestone as it is the first development bank in the nation.

The license presentation took place in a ceremony where MMA Governor Ahmed Munavvar formally handed the license to Minister Saeed. The MMA emphasized that the establishment of this Development Bank is poised to introduce long-term financing services, which are crucial for both economic growth and financial development in the Maldives.

MMA has indicated that the Development Bank should commence operations by October 12, 2025. The Development Bank of Maldives Limited was officially established with 100 percent ownership by the Maldivian government, as initiated by President Dr. Mohamed Muizzu on May 16. 

This step is expected to significantly enhance the financial landscape in the Maldives, fostering greater economic opportunities for both individuals and businesses throughout the country.