In line with its commitment to sustainable development and in support of the Kingdom’s direction toward empowering the non-profit sector and strengthening its developmental and social role, alinma Bank has signed a Memorandum of Understanding (MoU) with the Associations Support Fund. The agreement aims to enhance joint collaboration in supporting and empowering non-profit organizations and contributing to sustainable developmental impact through the establishment of a dedicated sub-fund/development portfolio named the “alinma Development Portfolio.”
In addition, a quadrilateral MoU was signed between alinma Bank, the Associations Support Fund, the Royal Commission for AlUla, and Awqaf Anfa’ahum. This partnership seeks to promote financial inclusion and achieve financial sustainability for non-profit organizations operating in AlUla Governorate, particularly those serving communities affected by seasonal income fluctuations within the tourism sector.
The MoUs aim to unify efforts and facilitate the exchange of knowledge and expertise among the participating entities. Under the agreement, alinma Bank will provide financial support in the form of donations to be deposited into the development portfolio, while the Associations Support Fund will manage the portfolio in accordance with its approved regulations and governance frameworks.
The initiative further seeks to enhance the institutional capabilities of non-profit organizations to better address community needs, study the establishment and operationalization of the development portfolio, and encourage public and private sector donors to contribute to supporting associations. It also includes capacity-building programs for selected organizations, covering governance, financial management, resource development, and digital transformation.
Moreover, an innovation lab will be established to develop a number of prototype income-generating products and services tailored to the needs of AlUla’s tourism sector, with development and implementation phases extending over a full year.