President Dr. Mohamed Muizzu has unveiled plans to establish the Maldives International Finance Services Authority, announcing the initiative during the launch of a major project dedicated to the development of Velana International Airport.
President Dr. Muizzu emphasized the significance of this new authority as a crucial first step in luring international financial centers to operate within the Maldives. Ongoing efforts involve collaboration between the Maldives Monetary Authority (MMA) and other relevant institutions actively working on its formation.
In his announcement, President Dr. Muizzu mentioned that the Maldives International Finance Services Authority would serve as a catalyst for the presence of international financial centers in the Maldives. The necessary legislative framework for this initiative is expected to be crafted by the Parliament, with further discussions anticipated at an upcoming Cabinet meeting scheduled for Sunday.
This decision comes on the heels of a recent Cabinet move to establish the Maldives Industrial Development Free Zone (MIDFZ), a wholly state-owned enterprise. MIDFZ aims to focus on economic diversification, ensuring economic security, and engaging in transshipment and re-export businesses. The company will be jointly owned by five existing state-owned enterprises: State Trading Organization (STO), Maldives Ports Limited (MPL), Maldives Airports Company Limited (MACL), Urbanco, and Maldives Transport and Contracting Company (MTCC).
These strategic initiatives underscore the Maldives’ commitment to fostering economic growth, attracting international investments, and diversifying its economic activities.
