CEO of Muizzu administration’s Development Bank resigns before launching services

The Chief Executive Officer (CEO) and Managing Director of the Development Bank, Noel Gregor Paterson-Jones, has resigned before the bank established by the current administration of President Dr. Mohamed Muizzu could provide any services.

The Privatization and Corporatization Board (PCB) announced on Sunday that they have accepted the resignation of Noel Gregor Patterson-Jones, who held the position of Managing Director and Chief Executive Officer of the Development Bank of Maldives Limited, and have relieved him of his duties.

The "Development Bank of Maldives Limited", a 100 percent government-owned company, was established on 16 May 2024. This company was formed under the authority granted to the president by Article 15 of Law No. 2023/7, or the Companies Act.

The company was established to invest in sustainable economic and social development in line with government policies, to secure funding for infrastructure development, to address challenges in providing financing for PSIP projects through syndication finance, and to increase interest in holding foreign currency in the Maldivian banking system.

Noel was appointed as the CEO and MD of the company in August 2024.

The bank was officially inaugurated by President Muizzu on 16 November 2024. However, to date, the bank has not provided any services.