BML awards MVR 500,000 Startup Grants to three projects, including Addu’s first indoor park

The Bank of Maldives (BML) has announced the recipients of this year’s Startup Grant, awarding MVR 500,000 each to three emerging businesses.  

The Startup Grant is a free grant designed to help new entrepreneurs start or expand businesses less than one year old. While the program traditionally supports two winners annually, this year BML selected three projects in celebration of BML Islamic’s 10th anniversary.  

The winners are:  

1. Rashi Park – Ibrahim Miflal Fayaz  

Establishment of Addu City’s first indoor children’s play park and family cafe' in Feydhoo. The facility will feature playground equipment, a multi‑level play gym, and a parents’ lounge with refreshments, Wi‑Fi, and clear sightlines into the play zone.  

2. Rashu Plastic Project – Mohamed Mimrah  

A recycling initiative based in V. Felidhoo that will transform discarded plastics into sustainable, market‑ready products such as clocks, keychains, and sunglasses.  

3. Ladybird Kindergarten – Shamma Nadheem  

An Islamic early learning center in Hulhumale' Phase 2, designed for children aged three to six. The center will integrate Islamic values with play‑based exploration and national curriculum standards.  

BML said the winners were chosen through a two‑stage competitive evaluation. Ten outstanding proposals were shortlisted in the first round, followed by detailed business plan presentations to the evaluation committee.  

This marks the fourth consecutive year BML has awarded the Startup Grant, underscoring its commitment to nurturing entrepreneurship in the Maldives.