Bank of Maldives (BML) has opened applications for proposals under the third phase of the ‘Aharenge Bank’ Community Fund, for the ongoing year.

The country’s national bank made the announcement on Monday, revealing that proposals are invited under the Community Fund initiative’s third phase.

BML revealed that 10 projects will be selected among the proposals received under the third phase and that projects selected in the areas of education, environment, sports and community development with be awarded MVR 50,000, similar to previous phases of the fund.

Applications for the third quarter of the year are open from through October 17. Individuals have been urged to email their proposals and application forms to[email protected]by 11:59pm on October 17.

BML opened applications for proposals under the first phase back in February. Applications for the second phase under the initiative were opened during May.

The ‘Aharenge Bank’ Community Fund is a programme aimed at empowering individuals and NGOs to contribute to local communities through sustainable development projects. The offer is open for individuals, local NGOs, Community-Based Organizations (CBOs), women’s development groups, tech community movements and youth empowerment groups. Government and business entities are not eligible for the program.

Since the initiative was launched, BML has funded projects in 65 islands across the country under the Community Fund initiative.

A total of 20 projects will be funded during 2022, similar to previous years.