President Dr. Mohamed Muizzu has formed the Development Bank of Maldives Limited – a 100% state-owned company.

The company was formed under authority granted to the President by Section 15 of the Companies Act.

President’s Office said the company was formed in alignment with the Government’s policies, including funding of infrastructure projects, investing in sustainable economic and social development, addressing difficulties associated with financing PSIP projects through syndicated financing, and also to foster a greater interest in maintaining foreign exchange within the nation’s banking system.

The Development Bank of Maldives Limited is registered at the Ministry of Finance, Ameenee Magu, 20379, Male, Maldives.