Saudi Arabia’s General Authority of Awqaf has signed an agreement with the Council of Non-governmental Organizations to launch five investment endowment funds worth SR186 million ($49.4 million) during the first quarter of 2023, according to the Saudi Press Agency.

The funds aim to achieve financial sustainability for NGOs and further enhance their developmental role.

The five funds are the Holy Quran Memorization Associations Fund, the Orphan Associations Fund, the Eastern Region Associations Fund, the Autism Associations Fund, and the Health Associations Fund.

Representatives of the associations have also signed agreements to manage the funds with Al Rajhi Financial Group. Under the agreement, the partners will work hand in hand in mobilizing resources for specialized and regional endowment investment funds and backing them to achieve financial sustainability.

They will also cooperate to boost the contribution of the funds to the development of the non-profit sector and create capabilities to further activate their role in society.

Established as a public authority, Awqaf aims to enhance the role of endowments in economic, social development, and social solidarity.