Development Bank of Maldives Welcomes New Board Members

The Development Bank of Maldives, a newly established entity aimed at boosting sustainable development and economic progress in the Maldives, has appointed three new members to its board. Among the appointees is Ahmed Ali, the sole Maldivian representative, joined by Saeed AbduNasir Bin Saeed Hassan Al Junaid from Singapore and Robert Daniel Carter from the United Kingdom.

Ahmed Ali brings extensive experience in both accounting and law to the board. His career includes significant roles at the Maldives Inland Revenue Authority (MIRA) from 2011 to 2019, where he most recently served as Assistant Commissioner General. Currently, he is a senior partner at S and P Law Firm.

The Development Bank of Maldives was officially established by President Dr. Mohamed Muizzu on May 16 and is fully owned by the Maldivian government. The bank aims to address key challenges in securing funding for Public Sector Investment Program (PSIP) projects, enhance the retention of foreign currency within the Maldives' banking system, and drive infrastructural development as per government policies.

In July, the bank applied for the necessary licenses to begin operations. Economic Development and Trade Minister Mohamed Saeed has indicated that the bank will eventually have shares held by private individuals in addition to the government. He also noted that there has already been interest from foreign investors.

The formation of this bank marks a significant step towards overcoming financial obstacles in national development projects, fostering both economic and social progress in the Maldives.