MMA issues licence for the Development Bank of Maldives

Maldives Monetary Authority (MMA) has issued the licence required for the Development Bank of Maldives Limited (DBM). President Dr. Mohamed Muizzu announced the formation of the DBM, on May 16. The request to obtain the licence required to create the bank was submitted to MMA in July. In a ceremony held in MMA, the licence was handed over by MMA’s Governor Ahmed Munawwar. It was received by the Minister of Economic Development and Trade Mohamed Saeed. The government decided to establish the DBM such that it aligns with the government’s strategic policies. Its primary objectives include funding infrastructure projects, investing in sustainable economic and social development, and addressing the challenges associated with financing Public Sector Investment Program (PSIP) projects through syndicated financing. Additionally, it seeks to promote greater retention of foreign exchange within the nation’s banking system, fostering economic stability and growth. Members were elected to the DBM’s Board of Directors, on October 12. As such, Aruni Goonetilleke, from Singapore, was appointed as the Chairperson of the bank. Meanwhile, Noel Gregor Paterson-Jones was appointed as the bank’s Chief Executive Officer (CEO). Chairperson Aruni Goonetilleke is a financial services expert with over 25 years of experience in global financial markets, specializing in business origination, governance, credit assessment, and risk management in emerging markets. Her background includes transformational roles in Corporate Banking, Credit, Risk Management, and Internal Audit across international and Sri Lankan banks. She holds a Master of Laws (LL.M) from Harvard University. CEO Noel Gregor Paterson-Jones has been a key figure in green investments, leading the establishment of the National Infrastructure Fund in Saudi Arabia as Chief Investment Officer. He also chairs the Electric Vehicle Africa Fund and manages clean energy projects in Southeast Asia, demonstrating his expertise in green finance and infrastructure development. He holds a M Phil Management Studies from Oxford University, U.K.