President Dr. Mohamed Muizzu has officially launched the Development Bank of Maldives Limited, according to a statement from the President's Office on Thursday.

This new institution aligns with the government’s strategic policies and aims to address several key financial challenges.

According to President's office, Development Bank will play a critical role in funding infrastructure projects and promoting sustainable economic and social development.

It will also address the complexities associated with financing Public Sector Investment Program (PSIP) projects through syndicated financing.

Additionally, the bank is expected to encourage the retention of foreign exchange within the Maldives’ banking system.

The establishment of the Development Bank of Maldives is a significant milestone and fulfills one of President Muizzu’s campaign promises, demonstrating his commitment to advancing the nation's economic stability and growth.