- Successful applicants shall receive a maximum funding of MVR 50,000 each. Any expenses the funding amount shall be the sole responsibility of the applicant, and any amount expensed over MVR 5,000 has to be notified by email
- Fund amount shall be credited into the successful applicant’s bank account listed on the Application and Proposal form. Payment terms will be discussed and agreed between the Bank and applicant based on the individual project proposal.
- The fund amounts are non-transferrable.
What are they looking for?
- They’re looking for ideas that improve community spirit, promote sustainability and provide a social opportunity. For example:
- Creating a Community Garden where everyone can plant vegetables, fruits, herbs and come together as a community
- Establishing Community Libraries to instill a love for reading and learning
- Installing solar powered lights in public areas such as schools and harbor
- Reinventing “holhuashi” to meet today’s community needs
- The project is open local Non-Governmental Organizations (NGOs), Community-Based Organizations (CBOs), women’s development groups, tech community movements and youth empowerment groups. Individuals and government and Business entities are not eligible.
- Requirements for projects
- The project should be carried out in the Maldives and shall benefit a community by bringing people together to create a positive change.
- The project idea should be sustainable and create a lasting impact.
- Requirements for applicants
- Only legally registered community-based organizations, non-governmental organizations, charities and clubs can apply.
- Individuals, government bodies, business entities and other institutions that are state funded are not eligible.
- Employees of Bank of Maldives and their immediate family members are not eligible.
- All organizations must meet the credit worthiness requirements of the Bank of Maldives.
- All organizations should have a bank account with Bank of Maldives, or should have applied to open a bank account prior to awarding of the project. Transfer of funds to bank accounts with other local bank will be considered on a case-by-case basis at the sole discretion of the Bank.
For more information, visit Bank of Maldives.