MANAMA: With the signing of the latest BD 20million tranche, Tamkeen and Bahrain Development Bank (BDB) taking their joint enterprise finance portfolio to BD170 million. Through their partnership, Tamkeen and BDB provide sharia-compliant finance facilities to SME’s under Tamkeen’s Enterprise Finance Programme.
Since the launch in September 2008, the joint finance programme has so far offered 4570 finance facilities totalling BD137 million.
“Through its various programmes, Tamkeen addresses the challenges that the private sector faces with a view to promote this sector and making it the key driver of sustainable economic development. This includes helping SME’s in Bahrain obtain the necessary funds they require to expand and diversify their businesses. Tamkeen has always cooperated with leading organisations that play a role in supporting private sector enterprises, and is proud to have BDB join in this initiative,” Tamkeen Deputy Chairman Khaled Al Amin, said.
“The joint Tamkeen-BDB finance portfolio was increased in light of the efficiency of this programme and the success of the strategic partnership between the two organisations. The programme contributes to the development of SME’s and provides facilities and benefits to aspiring entrepreneurs in the kingdom,” Nidal Saleh Al Aujan, BDB Chief Executive Officer, said.
Cooperation between Tamkeen and BDB resulted in a number of several joint initiatives to support SME’s in Bahrain. These included the Business Incubator Support Scheme, which provides customised services to start-ups and fledgling enterprises, such as incubation units, facilities, low-cost financing, training, and strategic advisory services. Since its launch, the Business Incubator Support Scheme has served more than 200 start-ups.