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BAB in talks with Tamkeen to boost financing for startups, SMEs

MANAMA, February 18, 2024

 
The Bahrain Association of Banks (BAB) recently organised a meeting that brought together banks and the kingdom's Labour Fund (Tamkeen) with the aim of acquainting banks with novel support initiatives for employment, career advancement, and institutional assistance. 
 
The BAB meeting served as a platform to deliberate on strategies to streamline access to essential financing for startups and SMEs. 
 
The objective was to bolster their sustainability, expand operational scope, boost job creation, contribute to GDP, and foster the overall development of the national economy, said BAB in its statement. 
 
The discussions also encompassed potential avenues for collaboration between Bahraini banks and Tamkeen in the fields of economic, banking, and developmental initiatives.
 
During the meeting, Tamkeen presented an overview of its recently launched suite of programmes designed in response to evolving market dynamics and needs. These programmes are aimed at fortifying the growth of the national economy. 
Additionally, Tamkeen outlined several solutions that institutions could leverage to secure financing under favorable terms, thereby supporting their business endeavors.
 
The meeting underscored the enduring commitment of banks to leverage Tamkeen's programmes and broaden their financial offerings through initiatives supporting commercial activities, said the statement. 
 
This commitment aligns with the fervor of Bahraini banks to propel economic development within the Kingdom of Bahrain. It reflects their belief in the pivotal role played by these institutions in driving the economic and financial cycles on a national scale, it added.
 
Bahrain Association of Banks CEO Dr Waheed Al Qassim emphasised the significance of the association-organised meeting in apprising Bahraini banks about the new programmes introduced by Tamkeen and familiarizing them with the proposed plans and directions for the upcoming year. 
 
He stressed the necessity of concerted efforts between Tamkeen and the banking sector, advocating for the formulation of an effective strategy that ensures ongoing support for institutions and reinforces the stability of the financial and economic sector in Bahrain. 
 
This collaboration is crucial for active participation with all stakeholders, contributing to the success and enrichment of Tamkeen's programmes, he added.
 
Dr Al Qassim highlighted that the support extended by banks plays a pivotal role in sustaining Tamkeen's programs, aligning with the objectives outlined in the Financial Services Development Sector Strategy 2022-2026.
 
This strategy includes performance indicators that emphasize increasing the share of financing for SMEs, he added.-TradeArabia News Service
 



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