BML announces winners of 'Small Grants Fund'

The Bank of Maldives (BML) has announced the winners under its ‘Small Grands Fund’.

As part of BML’s series of 12, high-impact monthly community initiatives leading up to its 40th anniversary celebrated in November 2022, the bank launched the Small Grants initiative as a fifth of the series, in March this year.

The country’s national bank revealed that through the initiative, eight winning projects will be selected to win a grant of MVR 250,000 each, to implement their plan successfully. It was opened for NGOs to carry out community-based projects that address environmental issues and promote sustainable development. All NGOs registered in the Maldives by 31 December 2021 will be eligible for the fund.

The eight NGOs that have won the BML Small Grants are Maldives Ocean Plastic Alliance (MOPA), Huvadhoo Association for Tourism (HAT), Vaadhoo Association for Future Development (VAFD), Kumundhoo Revival Initiative (Kurevi), Women in Fuvahmulah, Small Island Research Group, Huvadhoo Aid and Kihaadhoo Development Society (KIDS).

The country’s national bank launched its scholarship fund during November 2021 as a first of the series, where fully funded international scholarships for three students in the area of Banking and Finance will be provided every year. Open to all, the fund carries the purpose of developing talented young Maldivians in the field.

The second event was the refurbishment and upgrading of the Maldives National Library, announced in December 2021.

The third event, launched in January 2022, is the ‘Startup Grant Fund’, that will pave the way for emerging entrepreneurs to win a grant funding to start or grow a business in the Maldives.

BML launched the ‘Housing Grant’ as the fourth initiative in February this year, with an aim to support vulnerable families by building and furnishing houses for three underprivileged families across the country.

Fifth came the ‘Small Grants’ initiative which was launched in March, through which eight winning projects will be selected to win a grant of MVR 250,000 each, to implement their plan successfully.

The sixth initiative was launched in April, through which the Home for People with Special Needs (HPSN) in Guraidhoo island of Kaafu atoll will be refurbished and upgraded. The work is now reported to be underway.

The seventh initiative came on June 1; ‘Kindly by BML’ is the first of its kind online fundraising platform launched in the Maldives.

The ‘BML Fehi Project’ was launched as the eighth initiative under the series, during June. The project will see 50,000 trees being planted on an annual basis, across the entire Maldives. ‘BML Fehi Project’ will be carried out for five years and each year, five islands will be selected to receive 10,000 plants sourced from local nurseries, to “reforest” and “rejuvenate” land spaces in islands, that have been identified for greening.

The ninth initiative the bank launched was the project to support the national museum, announced in July. Through the project, BML will support the care, preservation and display of the National Museum’s collection.

The tenth initiative was launched in August, under which BML will be establishing a dedicated Oncology Ward at Indhira Gandhi Memorial Hospital (IGMH).

In September, BML launched its ‘Sports Scholarship’ as the 11th initiative, through which BML will be providing three fully funded scholarships for top national athletes to train and develop at recognized high performance training centers worldwide.

The 12th initiative launched was the ‘Innovation Lab Hackathon’ held in October where teams and individuals developed innovative fintech ideas and solutions to enhance customer experience and operational excellence.