Expert seeks new laws on project financing
Manama, September 23, 2012
A leading Bahraini financial and banking adviser has called upon authorities to draw up laws that will streamline project financing in the Kingdom.
Al Safwa Islamic Financial Services president Abdullatif Janahi said banks are failing to provide adequate financing to the industrial sector despite government incentives, political and social stability, integrated infrastructure and laws that encourage investments.
"Any move to boost industrial investment in Bahrain requires the existence of credit institutions for medium and long term projects," he told our sister paper Akhbar Al Khaleej.
He called for setting up a holding company for small and medium industries dealing in marketing, pre-purchase and re-sale of industrial products as well as providing enough information on regional and international markets where they can export their products.
With regard to comments by businessmen on shortage of land for industrial projects, Akhbar Al Khaleej editor-in chief Anwar Abdulrahman said this is neither logical nor acceptable as investors in industrialised world have to buy land themselves rather than wait for the government to provide them.
He hailed Tamkeen for providing SMEs more than BD130 million since its inception, an incentive that doesn't exist in many countries regionally and internationally.