The CECA Sector, Leading Social Investment in Spain

The CECA sector, made up of nine credit institutions and more than thirty foundations, has established itself as the largest private social investor in our country thanks to a historic development of charitable initiatives.

Philanthropy is a driving force that moves a crucial part of the world. In fact, according to OECD estimates, it represents 5% of global GDP. Spain is among the 15 countries in the world with the highest philanthropic fundraising, which comes from both individual investors and companies that dedicate a significant part of their efforts to social projects.

More and more private sector companies actively dedicate their resources to support causes and projects that contribute to the general well-being and promote positive changes in communities. Many companies channel this social facet through the creation of philanthropic foundations, defined as nonprofit organizations whose ultimate goal is to altruistically help people.

In Spain, there are 10,511 active foundations (out of a total census of 15,821), and their social and economic contribution is fundamental. According to the Analysis of the Economic and Social Contribution of Spanish Foundations prepared by AFI for the Spanish Association of Foundations, this sector generated 18 billion euros in 2020, an amount that represented 1.6% of GDP for that year. Foundations are also an important source of employment, as they generate more than 267,000 jobs.

The foundational sector shows a solid contribution to the economy but stands out above all for providing enormous social value in diverse areas such as education, culture, scientific research, and technological innovation.

A Commitment to Communities

In the last decade, the world has experienced major moments of crisis. A pandemic, wars, natural disasters, and a multitude of challenges continue to create a sense of uncertainty in society. During this time, the Social Work of the entities adhering to CECA has been present, helping those most in need in difficult times. It has done so through charitable initiatives and programs aimed at promoting the well-being of people, especially those belonging to the most vulnerable groups such as the elderly or those at risk of social exclusion.

In 2023, the Social Work of the entities adhering to CECA allocated 851 million euros, driving 80,964 activities that reached more than 30 million beneficiaries, as outlined in the 2023 Social Work Report.

Their commitment has been a crucial component in the social fabric for decades, as it has played a key role in the construction of stronger and more sustainable communities. Since 2013, when Law 26/2013 on Savings Banks and Banking Foundations was approved, Social Work has allocated an investment of 7.8 billion euros across Spain that has served to support 930,000 activities reaching an annual average of 31 million beneficiaries.

These figures reflect the impact of the social work of the CECA sector, positioning it at the forefront of private social investment in Spain. Its Social Work is considered one of the main agents of social inclusion in our country, as it has been promoting the development of a fairer and more inclusive society for decades and improving the quality of life of people, especially the most vulnerable.