Four members appointed to Development Bank's board
The bank was established by the current administration on 16 May 2024
The president inaugurates the Development Bank of Maldives (file photo)
Four members have been appointed to the board of the Development Bank of Maldives (DBM), established by the current administration of President Dr. Mohamed Muizzu.
In a statement released by the Privatization and Corporatization Board (PCB) of Maldives, it was revealed that appointments to the Development Bank's board have been made in accordance with the law on privatizing, corporatizing, monitoring, and evaluating state-owned enterprises.
The four individuals appointed to the Board of Directors include Hassan Miraas, Ahmed Azyan Hameed, Maeesha Ibrahim and Azmeen Rasheed.
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.
The bank was officially inaugurated by President Muizzu on 16 November 2024. However, to date, the bank has not provided any services.
Noel Gregor Paterson-Jones was appointed as the Managing Director and CEO of DBM when the bank was inaugurated. However, he resigned from his position on 23 March 2025 before the bank established by the current administration could provide any services.
Noel filed a case with the Employment Tribunal on 7 April 2025, citing non-payment of his salary and benefits.
