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Bank of Maldives inaugurates first 'Community Fund' project

Raif Amyl Jalyl
09 July 2019, MVT 15:43
Bank of Maldives (BML) inaugurates Nellaidhoo Community Park, first project under 'Aharenge Bank Community Fund'. PHOTO: BANK OF MALDIVES.
Raif Amyl Jalyl
09 July 2019, MVT 15:43

Bank of Maldives (BML) on Monday inaugurated Nellaidhoo Community Park in Nellaidhoo, Haa Dhaalu Atoll, which is the first project funded by the 'Aharenge Bank Community Fund'.

The Nellaidhoo Community Park was one of the projects out of five selected by BML under the first quarter of the community fund.

The bank launched the community fund in order to provide sustainable aid to projects underway in islands across Maldives. The program provides MVR 50,000 to five best projects selected in each quarter of the year from those proposed. It aims to fund non-profit work including educational and sporting activities as well as environmental preservation efforts.

"BML doubled investments underway in Maldives to provide societal aid. With BML community fund, financial aid is being provided to projects underway throughout Maldives, thereby increasing our ongoing efforts for societal development and benefits. Accordingly, the fund would issue a total sum of MVR 1 million. Our hope is that there will be suitable proposals in quarters moving forward", said BML Deputy Chief Executive Officer and In-charge of Bank Aishath Noordeen.

"There were no proper avenues or parks for local residents of the island to meet in a pleasant environment. We were unable to take any actions about this due to not having the necessary money. With the submissions of proposals opened for the BML Community Fund, I thought that the most important matter at hand for the island was the establishment of such a park", said Hamid Rasheed, the visionary behind the Nellaidhoo Community Park project.

"My proposal winning and then receiving the fund is a great source of happiness for entirety of the island. I sincerely thank BML for financing this project. I further take the opportunity to sincerely thank all the locals residents involved in working on the park".

Moreover, BML had, in 2018, also carried out an investment program worth MVR 300 million under Aharenge Bank to contribute to society. Under the program, BML provided financial aid to 110 activities undertaken across Maldives by organisations that work in educational, sporting and environmental preservation efforts as well as Non-Profit Organisations.