Two candidates have already been put forward for the post of Chief Executive at the Maldives’ first development bank, the Development Bank of Maldives (MDB), Economic Minister Mohamed Saeed said during the inauguration ceremony of the Accountants Forum on Saturday.
According to the Minister, candidates were put forward through an international recruitment agency which had identified professionals with the requisite banking experience.
“Two names have already been forwarded for the post of CEO through an outside recruitment agency based on our announcement,” he said.
MDB’s governing board will include the best financial professionals available in the region and its board will consist of two professionals who have run major foreign banks, the Minister said.
MDB has now applied to the Maldives Monetary Authority (MMA) for a banking license. The ground floor of the Allied Insurance Building— previously hosting the SME hub—has now been vacated and will host the offices of MDB.
According to the Muizzu administration, the main purpose of MDB is to invest in sustainable economic and social development projects, and to raise funds for infrastructure development.
The Bank is expected to, among others, facilitate syndication finance to help fund Public Sector Investment Programme (PSIP) projects, and increase corporate sector interest in retaining foreign currency within the nation’s banking system.
The Muizzu administration, with a view to expand the financial sector, expects to transplant, by 2028, the fuel storage facility on Funadhoo Island, in Kaafu Atoll, with the Maldives International Financial Center — through which the administration has the stated intention of providing Maldivian professionals in the banking and finance fields with access to international markets.
