MMA Authorizes Development Bank of Maldives to Commence Banking Operations

The Maldives Monetary Authority (MMA) has granted approval for Development Bank of Maldives Limited to commence full banking operations, effective from January 27, 2026, in a move expected to significantly expand access to long-term financing and strengthen the country’s financial sector.

The approval follows the banking licence issued to the institution on October 13, 2024, authorising it to operate as a development bank in the Maldives. The Development Bank of Maldives Limited is wholly owned by the Government of Maldives, positioning it as a key state-backed vehicle to support national development priorities.

In a statement, the MMA said the start of operations by the new development bank is expected to play a crucial role in enhancing access to longer-term funding, particularly for projects aligned with sustainable economic growth. The central bank described the approval as an important milestone in ongoing efforts to broaden and deepen the Maldivian financial system.

The authority also highlighted that the entry of the Development Bank of Maldives into the banking landscape is intended to complement existing financial institutions by focusing on development-oriented financing, which is often limited in traditional commercial banking.

With the commencement of operations, the new bank is expected to begin supporting priority sectors and large-scale projects, reinforcing the government’s broader strategy to promote sustainable development and long-term economic resilience in the Maldives.