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UAE provided financial facilities worth Dhs5.8bn to non-profit organisations in Q1 2020

UAE provided financial facilities worth Dhs5.8bn to non-profit organisations in Q1 2020

The Central Bank of the UAE has said that the support provided to non-profit organisations is expected to increase in 2020

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The Central Bank of the UAE (CBUAE) has said that the value of financial facilities provided to non-profit organisations and the services sector in the UAE in Q1 2020 is pegged at Dhs5.8bn.

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

Statistics released by the CBUAE note that the financial support extended amounted to Dhs149bn at the end of March 2020, up a little over 4 per cent compared to Dhs143.2bn in December 2019, which accounts for around 9.3 per cent of the total support provided by the UAE’s banking sector valued at Dhs1.6 trillion.

Non-profit organisations serve the entire community but making profits is not their main objective, the CBUAE said, adding that it is a key pillar of the UAE Vision 2021.

The support provided to non-profit organisations is expected to increase in 2020, in line with their expanding community role, especially in family support, the bank added.

In related news, the CBUAE announced a Dhs100bn Targeted Economic Support Scheme (TESS) stimulus package earlier this year, which included Dhs50bn of zero-interest, collateralised loans for UAE-based banks and also Dhs50bn funds freed up from banks’ capital buffers to help counter the financial impact of the Covid-19 crisis.

Read: UAE Central Bank’s TESS liquidity scheme availed by 26 banks

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