05 Jul 2024
RIYADH: Saudi Arabia is set to establish an energy sub-sector fund to benefit the not-for-profit sector, thanks to a new agreement signed between the government and the Associations Support Fund.
The memorandum of understanding signed with the Ministry of Energy is part of an effort to support associations that specialize in this field.
The MoU also underscores the government’s commitment to advancing energy initiatives through targeted support.
Saudi Arabia is making steady progress in developing its energy sector, as this contributes toward the Kingdom’s goal of achieving carbon neutrality by 2060.
The newly established fund will focus on several key areas of cooperation. First, it will create developmental sub-portfolios designed to provide support for entities.
It will also seek to empower non-profit associations that specialize in various aspects of energy, and build high-quality initiatives that will activate and enhance the role of these organizations that focus on the sector.
Established by the Ministry of Human Resources and Social Development, ASF has an independent financial liability that is strategically linked to the development strategy and the strategy of the non-profit sector.
The fund aims to increase the number of associations that implement sustainable and influential development programs.
It also seeks to provide supportive and enabling programs that contribute to building a distinguished business model for the associations.
In addition, it provides financial tools and facilities for the associations that contribute to supporting them and enabling them to achieve their vision and fulfill their mission.
In December last year, ASF signed an agreement with Sekaya Charitable Foundation to enhance joint cooperation in water irrigation projects in the Kingdom, Saudi Press Agency reported.
The agreement aims to establish a sub-fund, the Water Associations Support Fund, to develop and empower entities working in the water irrigation sector, aligning with the objectives of Vision 2030.