Fibank First Investment Bank (Fibank) will continue its long-term cooperation with its social partner, the Workshop for Civic Initiatives Foundation (WCIF).
The bank and foundation have been working together since 2005, when First Investment Bank established the first corporate donations fund managed by the Social Responsibility Fund Foundation of First Investment Bank. Over the years through the fund and with the support of the bank more than BGN 250,000 have been invested in the development and education of underprivileged children and young people.
Fibank will also continue its commitment to support the scholarship program of WCIF, which started in August 2012.
These scholarships are used to support underprivileged undergraduate and graduate students (raised by single parents, in foster homes or orphanages), who have the opportunity to develop their skills and realize their potential in the chosen academic or professional fields. One of the goals of the initiative is to facilitate the professional development of the beneficiaries through paid internships and at a later stage employment opportunities with First Investment Bank.
The program is designed to help underprivileged young people overcome the challenges of getting good education and professional fulfilment since they are deprived of equal opportunities due to lack of financial means. There are not many options to provide underprivileged young people with the needed support outside the traditional and grossly insufficient social assistance.
The scholarship program is one-of-a-kind in Bulgaria for several reasons:
- The long term financial commitment by Fibank. The approved applicants will receive a scholarship for 3 years during their sophomore, junior and senior year of pursuing a bachelor's degree. This is the first and only long-term financial support for underprivileged young people in Bulgaria who wish to continue their education;
- The commitment of the bank goes beyond funding the scholarships. Fibank will provide a paid internship and subsequently assist the approved applicants with finding jobs;
- The scholarships also include a certain annual allowance for purchasing textbooks and other academic literature.
The scholarship recipients were selected on competitive basis in October 2012. The primary criteria were a good academic standing in the freshman year, excellent grades, major in economics or a related field in an institution of higher education and a strong motivation for professional development. Eligible applicants are students with no parents, raised by a single parent, in foster homes or in homes for institutional care.