Maldives Monetary Authority (MMA) has stated that the services of Development Bank of Maldives Limited must begin by 12 October 2025.

MMA made this statement in a press release issued after granting the banking license for the establishment of the bank on October 13.

The license required to establish the Maldives Development Bank was handed over by MMA Governor Ahmed Munavvar, during the ceremony held at the central bank.

The license was received by the Minister of Economic Development, Mohamed Saeed.

In its statement, the central bank highlighted that with the commencement of services of the Development Bank, which was established as a 100 percent government-owned bank, it is expected that long-term financing services needed for economic and financial enhancement will be introduced in the Maldives.

MMA revealed that they believe the unveiling of the Development Bank of Maldives is a significant step towards strengthening and expanding the financial sector of the Maldives.

Taking to social media platform ‘X’ following the issuance of the banking license, Minister of Economic Development and Trade Mohamed Saeed said that it is an honor to receive the first license for development banking in the Maldives and described this to be a “historic occasion.”

The government announced the establishment of the Development Bank of Maldives on 16 May 2024.

The application for the necessary license to establish the bank was submitted to the central bank in July.

Singaporean Aruni Goonetilleke was appointed the Chairperson of the Development Bank of Maldives and Noel Gregor Paterson-Jones was appointed CEO.