The Bank of Maldives (BML) has announced the launch of its ‘Bank Fund’, an initiative that empowers civil society organisations to make a difference in their communities through the implementation of sustainable projects.

The ‘Bank Fund’ invites proposals that embody the principles of sustainability and create social opportunities, according to the bank. Each year, the fund will select five innovative projects in education, environment, sports, and community development, each of which will be awarded a grant of MVR 200,000.

Karl Stumke, BML’s CEO and Managing Director expressed his commitment to the initiative, stating, “As an integral part of being a sustainable and responsible business, we invest back into the communities we serve by supporting community initiatives. One significant programme was the Community Fund which had provided support to a total of 100 community-led projects since 2019. The Bank Fund we launched today is a revamped initiative to provide our community organisations with even better opportunities.”

The ‘Bank Fund’ is open to all locally registered non-governmental organisations, charity organisations, and clubs, the bank said in a statement. The bank encourages interested parties to submit their application forms and proposals before the deadline of 11:00 p.m. on 10 June 2024.