Bank of Maldives (BML) has introduced their ‘Bank Fund’.

In a publication on Tuesday, the country’s national bank revealed that the fund carries the purpose of empowering NGOs to contribute to their communities through sustainable projects.

Inviting proposals for ideas that promote sustainability, the ‘Bank Fund’ provides a social opportunity for NGOs.

Five projects in the areas of education, environment, sports and community development will be selected to receive MVR 200,000 each, every year.

BML’s CEO and Managing Director Karl Stumke revealed that BML invests back into the communities they serve by supporting community initiatives, as an integral part of being a sustainable and responsible business.

Highlighting that one significant program was the Community Fund which had provided support to a total of 100 community-led projects since 2019, Stumke added that the ‘Bank Fund’ launched on Tuesday is a revamped initiative to provide community organizations with even better opportunities.

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

The fund is open for locally registered NGOs, charity organizations and clubs.

Application forms and proposals are required to be sent viaemailbefore 11pm on June 10.

BML revealed that individuals, government bodies, business entities and other institutions that are funded by the government, are not eligible.

Applicants are required to have a bank account with BML or have applied to open a bank account before the project is awarded.

The project proposals will be evaluated by panelists selected by BML and the decision of the panel will stand as final.