An offshore finance center (OFC) is being established with Asian Development Bank (ADB) assistance, the Ministry of Finance and Treasury has announced.
The ADB has offered its expertise to the Maldives for formulating the legal framework and building the necessary technical capacity to create the OFC, Finance Minister Abdulla Jihad told local media.
“As this is entirely new to the Maldives, we will need to build technical capacity and formulate the required strong legal framework,” Jihad explained to local media.
He further stressed that establishing a OFC would assist with developing the banking and insurance sectors and majorly boost the financial sector in the Maldives, reports local media.
Jihad previously traveled to Mauritius to discuss their country’s OFC practices with bank officials.