The Maldives Monetary Authority (MMA) has issued the business commencement permit to the Development Bank of Maldives (DBM), formally clearing the institution to begin operations.
Although the bank had previously obtained its banking licence from the MMA on October 13, 2024, the newly issued permit represents the final regulatory step required for the bank to commence full-scale activities.
The Development Bank of Maldives was established by President Dr. Mohamed Muizzu in May last year under the name “Development Bank of Maldives Limited,” becoming the first development-focused financial institution in the country to be formed with 100 percent government ownership. The bank was officially inaugurated in November 2024.
While its office opened shortly after inauguration, officials said the months that followed were dedicated to completing essential administrative groundwork. This included drafting operational policies, identifying funding mechanisms, engaging with international financial institutions and preparing a pipeline of development projects.
To strengthen its leadership and operational structure, DBM also began recruiting for senior positions in December, offering competitive salary packages to attract experienced professionals.
The MMA said the operational launch of DBM is expected to expand access to long-term financing, a key requirement for infrastructure projects and large-scale investments. The central bank described the move as an important milestone in strengthening the country’s financial sector and supporting sustainable economic growth.
Once fully operational, DBM is expected to play a strategic role in mobilising capital for development initiatives and diversifying financial services within the Maldives’ banking system.
