STO claims development bank missed all rent payments
MMA issued a banking license to the Development Bank of Maldives Limited on 13 October 2024
President Dr. Mohamed Muizzu inaugurated the Development Bank of Maldives (DBM), a fully state-owned institution, on 16 November 2024
The State Trading Organization (STO) has revealed that the Development Bank of Maldives, established under President Dr. Mohamed Muizzu’s administration, has not paid rent for the premises it currently occupies.
Responding to a question submitted by a member of the public under the Right to Information Act, STO said that the monthly rent for the space allocated from the Allied Building for the bank's operations is set at MVR 75,892.
STO stated that it “has not received rent for any month to date” from the Development Bank.
President Dr. Mohamed Muizzu inaugurated the Development Bank of Maldives Limited as a 100 percent government-owned company on 16 November 2024.
The government has revealed that the bank, which was established in line with government policies to promote sustainable economic and social development, aims to finance infrastructure development projects, resolve financing challenges in Public Sector Investment Program (PSIP) projects through syndicated finance, and retain foreign currency within the country's banking system.
Although the government stated that with the inauguration of the bank, long-term financing services for economic and financial and financial development would now be available in the Maldives, criticism has been directed at the bank for not carrying out any practical work to date.
The central bank, Maldives Monetary Authority (MMA) issued a banking license to the Development Bank of Maldives Limited on 13 October 2024.
