The CEO of the Development Bank of Maldives (DBM), Noel Gregor Paterson-Jones, has stated that the DBM will play a crucial role in the Maldives’ journey towards becoming a developed nation. He made these remarks at the official launch of the Development Bank of Maldives. In his address, CEO Paterson-Jones highlighted that the bank will be instrumental in elevating the Maldivian economy to new heights. He acknowledged the financial challenges facing the country, including a lack of investment in the construction sector and the high national debt. However, he expressed confidence that the DBM would help improve the financial landscape by attracting investors to key projects and revitalising the construction sector. The CEO emphasised that the Development Bank aligns with President Dr. Mohamed Muizzu’s vision of transforming the Maldives into a developed nation and will play a significant role in achieving this goal. The DBM is committed to investing in sustainable economic and social development, raising funds for infrastructure projects, addressing financing challenges for Public Sector Investment Programme (PSIP) initiatives through syndicated finance, and boosting the availability of foreign currency in the Maldivian banking system. The government asserts that the bank was established to increase investor confidence and interest in the country.
