Corporates must earmark 20% of CSR budgets for OCO

Qais Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, has issued a decision requiring businesses and organisations to set aside 20 per cent of their annual budgets for Corporate Social Responsibility (CSR) programmes to Oman Charitable Organisation (OCO).

Decision 205/2021 says the allocation will enable OCO to play a stronger role in providing charitable services to underprivileged segments of society.

Established by Royal Decree in 1996, Oman Charitable Organisation is the government’s principal charitable agency with the mandate to raise funding assistance in aid of a variety of civil charity causes, including humanitarian relief for those impacted by natural disasters. Muscat-based OCO also runs a number of charitable programmes designed to provide assistance to low-income sections of the community. (With inputs from ONA)