Submissions for the licensing of a Development Bank have been filed with the Maldives Monetary Authority (MMA), Minister of Economic Development and Trade Mohamed Saeed said in a post to social media on Sunday. The application for the Development Bank of the Maldives, seeking to establish a financial institution which will address gaps in funding for development projects, was submitted on Sunday, the Minister confirmed.

According the administration the first-of-its-kind bank in the country will open this month. Saeed had earlier said that President Mohamed Muizzu is looking for the agency to become a regionally trusted institution and that the bank will look for a highly qualified, expatriate, Chief Operating Office (CEO).

Investors have already given the green light and the bank is expected to work not only with state agencies but with private businesses as well, the administration said.

The Maldives International Financial Services Authority was established in January with a view to develop a financial industry in the Maldives, including a development bank and offshore banking services.

The establishment of a development bank to provide concessional financing for development projects is a campaign pledge by President Muizzu.