Cabinet discusses establishing a national development bank

President Dr. Mohamed Muizzu states that he plans on discussing the establishment of a development bank in the Maldives with his Cabinet.

The Cabinet is set to deliberate on the plan on Sunday.

“There are some important issues up for discussion today. This includes discussions on the establishment of a development bank in the Maldives,” he said.

President Muizzu said the Cabinet will also discuss the elimination of challenges in making payments via online payment platforms, tourism, and the introduction of a new category for social housing.

Development banks are financial institutions that provides risk capital for economic development projects on a non-commercial basis.

They are often established and owned by governments or nonprofit organizations to finance projects that would otherwise not be able to get financing from commercial lenders.

The plans to establish a development bank comes after President Muizzu recently announced plans to establish the Maldives International Financial Services Authority, which he said would be the stepping stone towards establishing an international financial center in the Maldives.