Requirements for projects
- The project should be carried out in Maldives and should 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 individuals and legally registered community-based organizations, non-governmental organizations, charities and clubs can apply.
- 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 individual applicants and organizations must be credit worthy customers of Bank of Maldives.
- The applicant should have a bank account with Bank of Maldives, or should have applied to open a bank account before the project is awarded. Transfer of funds to bank accounts with other local bank will be considered on a case-by-case basis.
- The project proposals will be evaluated by panelists selected by Bank of Maldives, and their decision will be final.
- Shortlisted applicants may be required to provide additional information and details related to the project.
- The winning proposals will be selected based on the below criteria:
Positive impact 40%
Likelihood of success 10%
Quality of submission 10%
Innovative idea 10%
- Successful applicants will receive a maximum funding of MVR 50,000 each. Expenses beyond these amounts will be the sole responsibility of the applicant, and any amount over MVR 5,000 has to be notified by email to [email protected].
- Successful applicants will have the amount credited to their bank account listed on the Application and Proposal form, once both parties agree to payment terms. Payment terms will be discussed based on the individual project proposal.
- The winning prizes are non-transferrable.
- Winners have to deliver their projects within 3 months of announcement of the winning parties. Any extension shall be requested in writing and agreed between both parties.
- 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 and must not leave a negative impact on communities and the environment.
- In the event of any disputes, the Bank reserves the right of final decision. Bank of Maldives reserves the rights to change the terms and conditions at any time during this initiative. Applicants agree to be bound by the rules, regulations and decisions of Bank of Maldives with regard to this initiative.
- In the event a winning project violates these Terms and Conditions, the Bank reserves the right cancel the prize, hold any pending payments and/or recover any processed payments. The individual/organization may also be blacklisted from winning future Community Fund awards.