The 'Development Bank of Maldives Limited' has been established.

President Dr. Mohamed Muizzu formed the state-owned establishment on Thursday.

In a statement issued on Thursday, the President’s Office revealed that 100 percent of the establishment is held by the government of Maldives.

The state-owned establishment was established under the power vested to the president under Section 15 of the Companies Act.

Formed to mirror the incumbent administration’s policies, the Development Bank of Maldives Limited will revolve around the funding of infrastructure projects as well as investing in sustainable economic and social development.

Further, it will address difficulties linked to financing Public Sector Investment Programmes (PSIPs) through syndicated financing.

With the establishment, a greater interest in maintaining foreign exchange will be developed within the country’s banking system as well.

The registered address of the Development Bank of Maldives Limited is the Ministry of Finance, located in Ameenee Magu of the capital Malé City.