Economic Minister Mohamed Saeed has expressed confidence that the Development Bank of Maldives (DBM) will receive its official licence within the coming week. Speaking on PSM's 'Raajje Miadhu' programme, Saeed shared that the establishment of the bank is nearing completion, and he anticipates that the licence will be granted shortly.

The DBM, a government-owned entity, was established on May 16 with a 100 percent stake held by the Government of Maldives. The bank is designed to play a pivotal role in the country’s economic development by focusing on resort development, guest house projects, and facilitating financing through partnerships with international banks.

Minister Saeed highlighted that the Development Bank will be instrumental in advancing sustainable economic and social development. It aims to raise funds for infrastructure projects and support Public Sector Investment Program (PSIP) initiatives through syndication finance.

As the bank moves closer to becoming operational, its impact on the Maldivian economy and its collaboration with foreign financial institutions are anticipated to be significant. The successful licensing of DBM will mark a key step in addressing investment challenges and supporting the country’s development goals.