Two foreigners and one Maldivian appointed to Development Bank

Three board members have been appointed to the Development Bank of Maldives Limited, formed by President Dr. Mohamed Muizzu for crucial developmental projects.

Privatization and Corporatization Board (PCB), on Wednesday, appointed two foreigners and one Maldivian as board members. They are:

• Ahmed Ali, Ma. Wayside 805 flat
• Saeed Abdul Nasir Bin Saeed Hassan al-Junaid, Singapore
• Robert Daniel Kant, United Kingdom

Ali, who was appointed a board member, has previously served as Assistant Commissioner General of Taxation.

Development Bank of Maldives Limited was incepted on May 17^th as a state-owned company, where the government holds 100 percent shares.

According to the President’s Office, the company was formed in alignment with the government’s policies, including the funding of infrastructure projects, investing in sustainable economic and social development, addressing the difficulties associated with financing PSIP projects through syndicated financing, and fostering a greater interest in maintaining foreign exchange within the nation's banking system.