The Minister of Economic Development and Trade, Mohamed Saeed, announced today that the Development Bank is slated to commence operations in July 2024, marking a significant milestone in the Maldives' economic landscape.

This revelation was made during a momentous signing ceremony held today, where the Maldives government inked a partnership deal with Dubai's International Freezone Authority (IFZA) to advance the development of specialized economic and financial zones in Fonadhoo and Ihavandhippolhu, known as the Maldives economic gateway.

Minister Saeed emphasized the transformative impact the Development Bank will have on the country's growth trajectory, heralding it as a revolutionary step.

Furthermore, Minister Saeed highlighted the enthusiastic support garnered from various private sector investors, who have expressed confidence and willingness to engage in this pioneering initiative.

Their endorsements signify a collective belief in the potential of the Development Bank to catalyze economic progress and foster innovation within the Maldives.

This announcement follows the establishment of the Maldives International Financial Services Authority (MIFSA) in January, a strategic move aimed at fortifying the country's financial sector and bridging connections with international financial entities.

Former Vice President Abdulla Jihad was appointed as the Chairperson of MIFSA, signaling the government's commitment to enhancing financial governance and transparency.

The establishment of a Development Bank in the Maldives stands as a pivotal pledge of President Dr. Mohamed Muizzu, reflecting the administration's dedication to fostering economic diversification and sustainable growth.

Development banks serve as pivotal financial institutions tasked with facilitating the introduction of new businesses, industrial initiatives, and economic ventures within countries.