Bank of Maldives (BML) has announced winners of its inaugural 'Bank Fund'.

In a statement issued on Tuesday, the country’s national bank announced the winners of the ‘Bank Fund’, which was introduced in May 2024 with the purpose of empowering NGOs to contribute to their communities through sustainable projects.

BML revealed that the recipients of the ‘Bank Fund’ this year include ‘Muraka Farm’, ‘Children of Maldives’, ‘Dhiggaru Ekuveri Zuvaanunge Gulhun’, ‘Veymandoo Zuvaanunge Gulhun’ and ‘Unity Sports Academy’.

‘Muraka Farm’ will be conducting a coral restoration project in Dharavandhoo island of Baa atoll in a bid to safeguard marine biodiversity and promoting sustainable livelihoods.

‘Children of Maldives’ will be building an immense nature library in Vilimalé with an aim to foster passionate environmental awareness and education.

BML revealed that ‘Dhiggaru Ekuveri Zuvaanunge Gulhun’ will be conducting a sustainable urban farming project in a bid to promote food security and sustainable agricultural practice.

Further, ‘Veymandoo Zuvaanunge Gulhun’ will be developing a sensory and vocational training room for students with special educational needs in Veymandoo School of Thaa atoll in a bid to promote inclusivity and opportunity.

Lastly, the ‘Unity Sports Academy’ will be developing media and game labs in Funadhoo School of Shaviyani atoll in a bid to empower youth through technology and sports.

The bank’s Deputy CEO and In-charge Aishath Noordeen revealed that their ‘Bank Fund’ mirrors their commitment to collaborate with NGOs to bring positive change across the Maldives.

She added that they are incredibly proud to support these five projects that will undoubtedly make a lasting impact on communities across the nation.

BML reopened applications and proposals in mid-August and the deadline was set at September 8.

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.