President Dr. Mohamed Muizzu inaugurated the Development Bank of Maldives (DBM), a fully state-owned institution, on November 16, 2024. This marks a significant milestone in the nation’s financial landscape, aligning with the government’s strategic policies for sustainable economic and social development.

Established under the authority granted by Section 15 of the Companies Act (Act No. 7/2023), DBM reflects the President’s vision of a strengthened national financial ecosystem. The bank aims to enhance collaboration with commercial banks, development finance institutions (DFIs), and private capital providers. DBM is set to play a pivotal role in development finance, aiming to enhance collaboration with commercial banks, development finance institutions (DFIs), and other private capital providers.

The bank’s formation is a strategic initiative to fortify the financial infrastructure of the Maldives, ensuring that development projects receive the necessary funding and support. By focusing on development finance, DBM is expected to drive economic growth and social progress, contributing to the overall prosperity of the nation.