News financial sector / development bank Maldives Impact 8.0/10 2 min read

Maldives Launches First Development Bank

President Mohamed Muizzu inaugurated the Development Bank of Maldives (DBM) on 16 November 2024, the nation's first development bank. Headquartered at Allied Building in Malé, DBM received its operating license from the Maldives Monetary Authority (MMA) on 31 October 2024, with operations required by 12 October 2025. The bank was established on 16 May 2024 under the Companies Act. Key appointments include Noel Gregor Paterson-Jones as COO and Aruni Goonetilleke as Chairman.

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Maldives Republic

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Nov 17, 2024

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President Mohamed Muizzu inaugurated the Development Bank of Maldives (DBM) on 16 November 2024, the nation's first development bank. Headquartered at Allied Building in Malé, DBM received its operating license from the Maldives Monetary Authority (MMA) on 31 October 2024, with operations required by 12 October 2025. The bank was established on 16 May 2024 under the Companies Act. Key appointments include Noel Gregor Paterson-Jones as COO and Aruni Goonetilleke as Chairman.

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