A pioneering collaboration between First National Finance Corporation (First National) and the Maldivian Red Crescent (MRC) has launched the country’s first blended finance initiative, set to transform MRC’s land in Hulhumalé into a long-term humanitarian hub while advancing the nation’s financial sector.
This initiative brings together philanthropic, public, and private sector investment—marking a new model of cooperation that merges social purpose with financial innovation. Designed to support the country’s economic and humanitarian resilience, the project is aligned with national efforts to diversify and strengthen the Maldivian capital market.
The agreement was formalized at a signing ceremony attended by representatives from key financial institutions, including the Capital Market Development Authority, the Maldives Stock Exchange, foreign embassies, and private sector stakeholders. The event celebrated a new chapter in financing mechanisms that aim to generate long-term economic and social value.
Speaking at the event, First National’s Chief Executive Officer Mr. Hassan Ziyath emphasized the importance of such strategic partnerships in redefining development finance in the country. “This engagement is not just a responsibility, it is a privilege. We carry this role with immense pride, knowing that our efforts will directly strengthen the humanitarian backbone of our nation,” he said.
Mr. Ziyath also underlined First National’s commitment to financial modernization, citing several recent milestones including the launch of the Maldives’ first online securities trading platform in 2022, the country’s first Money Market and Savings Fund, and ongoing preparations to introduce a Green Bond. The current initiative, he explained, reflects First National’s drive to support projects that bring measurable impact to local communities while nurturing sustainable investment practices.
The Maldivian Red Crescent, a leading humanitarian organization in the Maldives, is poised to benefit greatly from this development. With the establishment of a dedicated facility on the Hulhumalé site, MRC will be better positioned to coordinate emergency responses, enhance volunteer engagement, and expand its operational capacity across the country.
MRC President Mr. Ali Nashid expressed his enthusiasm at the launch event, noting that the new headquarters would significantly enhance the organization’s ability to fulfill its humanitarian mission. “This dedicated space will enhance our ability to coordinate, respond and reach those in need, enabling us to build capacity, expand our reach and pursue our humanitarian mandate with greater impact,” he said.
The structure of the partnership grants First National the lead in financing, overseeing project development, and managing the site post-completion. This ensures that the land development effort will maintain its humanitarian focus while being guided by financial stewardship and long-term sustainability.
For visitors and international observers, this project highlights the Maldives’ evolving landscape not only as a tropical destination but also as a nation actively investing in community-centered development through financial innovation. It reflects a progressive approach to nation-building that intertwines economic resilience, private sector engagement, and a deep commitment to social welfare.
By aligning humanitarian efforts with market mechanisms, the First National–MRC initiative sets a compelling example for future collaborations that support both economic progress and human development in the Maldives. As the project takes shape in the heart of Hulhumalé, it will stand as a testament to the potential of purpose-driven investment in one of the world’s most unique and tourism-rich island nations.
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