On November 16, 2024, President Dr. Mohamed Muizzu inaugurated the Development Bank of Maldives (DBM), the country’s first fully state-owned financial institution. This landmark event marks a significant step towards enhancing the nation’s financial infrastructure and supporting sustainable economic growth.
Established under the Companies Act (Act No. 7/2023), DBM aims to strengthen the national financial ecosystem by collaborating with commercial banks, development finance institutions (DFIs), and private capital providers. With a focus on development finance, DBM will play a crucial role in funding development projects and driving the country’s economic and social progress.
