Philanthropy and Social Investment in the Middle East
29 May 2013
- There are 5,000 charitable foundations in Italy, 12% of which are family foundations.
- Italy has almost 260,000 registered nonprofits that serve 26 million people.
- The largest grantmaker in Italy is Fondazione Cariplo which made grants worth €163 million in 2011.
- Fondazione Cariplo is one of a group of “Bank-Origin Foundations” that represent only 2% of all foundations but control assets worth €43 billion.
- Bank-Origin Foundations are community foundations, created in the early 1990s from the privatization of Italy’s public saving banks.
- One of the most important family foundations is Agnelli Foundation. The Agnelli family is the major shareholder of Fiat Chrysler Corporation.
- From 2014 the tax deduction for charitable donations will rise from 19% to 26%.
- At the end of 2012 the Minister of Development introduced Italy’s first law concerning “Social Enterprises” and “Social-Innovation Start Ups”.
- Cooperatives are the main legal form of social enterprise in Italy, generating revenue of about €6 billion per year.
- Italy can claim to be the home of microcredit. The first monte di pieta was founded in Perugia in 1462, to provide loans to poor people and became part of an extensive network of financial institutions serving the poor.