Bank of Maldives has reopened applications for their ‘Bank Fund’.

The country’s national bank introduced their ‘Bank Fund’ in May 2024, with the purpose of empowering NGOs to contribute to their communities through sustainable projects.

In a statement issued on Sunday, the bank revealed that they have opened the ‘Bank Fund’ for registered NGOs, charity organizations and clubs.

Registered NGOs, charity organizations and clubs may forward their application forms and proposals to the bank via email.

The deadline for submissions has been set at 4pm, 8 September 2024.

The fund was initially opened for applications back in May and the deadline expired on June 10.

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.

Introducing the fund, 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’ 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.

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.