AED4.1 bn in credit facilities received by non-profit organisations in six months

ABU DHABI, The social services and non-profit institutions sector in the UAE received AED4.1 bn in credit facilities from the UAE banks during the period from January through the end of June 2020, according to statistics released by the Central Bank of the United Arab Emirates.

This brings to AED147.34 bn the accumulated credit facilities provided to the sector by the end of June, as compared to AED143.24 bn by the end of December 2019.

Ahmed Abdul Karim Mohammed Julfar, the Director General of the Dubai Community Development Authority, said nonprofit organisations play a growing role in the social and economic well-being of the country as they provide services, goods and resources to meet community needs, noting that credit facilities are accelerating these entities’ investments and enhance their contributions to economic growth.

Non-profit organisations include charity associations, sports and cultural clubs, theatres, public libraries, women’s, children’s and family affairs associations, and other charitable organisations serving the community.

 

Source: Emirates News Agency

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