Bank of Maldives

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.

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 creditworthiness 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.

The project proposals will be evaluated by panelists selected by Bank of Maldives, and the decision of the Panel shall stand as final.
Bank may request shortlisted applicants to provide additional information and details related to the project.
The proposals shall be evaluated based on the following criteria:

Positive impact 40%

Sustainability 30%

Likelihood of success 10%

Quality of submission 10%

Innovative idea 10%

Successful applicants shall receive a maximum funding of MVR 50,000 each. Any expenses above 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 to [email protected].
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.

Winners shall agree to deliver the projects within a maximum of 3 months from the date of announcement of the winning parties. Any extension shall be requested in writing and agreed between both parties. Such extension shall be at the sole discretion of the Bank.
All winning projects must contribute to the well-being of society by promoting responsible values and actions. Projects must be implemented with a responsibility towards the society and the environment. It must not leave a negative impact on communities and/or the environment.
In the event of any disputes, the Bank shall try to resolve the dispute with mutual discussion among the parties and in the event no resolution is achieved, the Bank reserves the right to make a final decision on the matter.
Bank of Maldives may at any time amend the terms and conditions at its sole discretion without notice.
Applicants agree to be bound by the Terms and Conditions, rules, regulations and decisions of the Bank with regard to this initiative.
In the event a winning project violates or non-complies with these Terms and Conditions, the Bank reserves the right to cancel the fund, hold any pending payments and/or recover any processed payments. The Bank may also blacklist the applicant from participating in future Community Fund awards.