Minister of Economic Development and Trade Mohamed Saeed announced that the Development Bank of Maldives will be launched in three phases, with the first phase—focused on institutional setup—progressing on schedule.

Currently, the bank's business model and policies are being drafted, with completion anticipated by the second quarter of the year. Administrative groundwork, including funding strategies, project pipelines, and collaborations with foreign institutions, is also underway. The bank's office, opened in November, serves as a hub for these efforts.

The Development Bank aims to address funding challenges for PSIP projects through syndication finance and enhance foreign currency retention within the Maldivian banking system. It will provide financing for both government and private sector initiatives.

The central bank, Maldives Monetary Authority, granted the Development Bank's operating license in October last year.