Two years on, Muizzu’s Development Bank still idle as millions spent without services
The Development Bank of Maldives, established in May 2024 and licensed in October, has yet to begin operations despite spending nearly 12 million rufiyaa. Minister Saeed acknowledged the bank is still functioning as a back office and avoided providing a clear timeline for services to commence, though the bank is now recruiting 13 employees including 10 managers with salaries ranging from 20,000 to 45,000 rufiyaa.
Minister of Economic Development and Trade Mohamed Saeed at a presser
Minister of Economic Development and Trade Mohamed Saeed has stated that the Development Bank, pledged by President Dr. Mohamed Muizzu in his manifesto, is still operating merely as a back office two years after it was established.
Speaking at a press conference held to discuss the ongoing work of the Ministry of Economic Development and Trade, Minister Saeed responded to a question from RaajjeTV by stating that the Development Bank requires staff, but emphasized that employees would not be recruited for an institution that is not yet operational. He said the government is proceeding with the initiative responsibly, citing its commitment to fully implementing the project.
RaajjeTV’s journalist questioned the minister on what it described as inconsistent government statements regarding the bank at different times. The journalist pointed out that despite the government now being in its third year, the bank has yet to provide any services, even as significant expenditure has already been incurred. It was also noted that an announcement had recently been made to recruit 13 employees, including 10 managers. RaajjeTV’s journalist pressed the minister to provide a clear timeline for when the Development Bank would officially commence operations and begin offering services.
Minister Saeed, however, diverted the discussion away from the Development Bank, instead speaking about bunkering and unregulated businesses. He did not directly address the questions posed and deviated from the original topic.
When the questions were repeated, the minister reiterated that the Development Bank is a pledge made in President Dr. Mohamed Muizzu’s manifesto. He acknowledged that the bank is a new initiative and stated that challenges are therefore to be expected.
Despite the fact that the Development Bank of Maldives has not yet begun any operations or services, it has announced vacancies for 13 positions, including 10 managerial roles. According to a notice published in the government gazette, the bank is seeking 10 managers, two front office executives, and one marketing executive. Applications for these positions are required to be submitted before 5pm, December 29.
The advertised positions include an Internal Audit Manager, a Legal Manager, a Credit and Risk Manager, an HR and Administrative Manager, an IT Manager, two Compliance Managers, and three Finance Managers. Salaries for manager-level positions range from MVR 35,000 to MVR 45,000, while executive-level positions offer salaries between MVR 20,000 and MVR 30,000.
Development Bank of Maldives Limited was established as a fully government-owned company on 16 May 2024. The bank was formed under the authority granted to the President by Article 15 of Law No. 2023/7, the Companies Act.
The Maldives Monetary Authority (MMA) granted a license to the Development Bank on Sunday, 13 October 2024. While Minister Saeed has indicated that the bank could begin operations, the exact date for the commencement of its services has not been disclosed.
Information obtained under the Right to Information Act shows that from the date of the bank’s establishment until August of this year, a total of MVR 11,998,267 has been spent.
