Bahrain’s labor fund Tamkeen and the Bahrain Development Bank (BDB) have increased the funding of their Tamweel programme to support entrepreneurs by BD21 million ($55.71 million) to more than BD240 million ($636.67 million).

 

The two organisations have a strategic partnership to provide Islamic financing for small and medium-sized enterprises and the emerging private sector under the scheme.

 

This increase in funding is a spontaneous result of the steady increase in the number of requests and the high demand this programme has witnessed, said a statement.

 

Both parties seek to meet private sector institutions’ needs by adding more comprehensive support to Bahraini entrepreneurs, it said.

 

The increase in the size of the portfolio of this funding programme is to attract the largest number of youth who have creative ideas, a broad vision of things and those who possess technical and intellectual skills as there is an instant need for the culture of self-reliance and initiative, it said.

 

The volume of funding disbursed by Tamkeen and BDB since the launch of the programme in 2008 until the end of February 2017 reached more than BD200 million, financing around 6,000 projects.

 

The funding programme focuses on industrial, service and innovative projects which have economic feasibility and an added value that targets to diversify and develop the national economy. 

 

Dr Ebrahim Mohammed Janahi, chief executive of Tamkeen, said: “This programme, which forms part of Tamkeen’s commitment to providing Shari’a compliant financial solutions to local private enterprises for their establishment and growth, has proved very successful so far, resulting in the growth of around 6,000 businesses in the kingdom.

 

“With this in mind we believe that expanding the programme to over BD240 million will continue to deliver positive results and drive the national economy forward in line with the government’s Economic Vision 2030,” he said.

 

BDB Group CEO Sattam Sulaiman Al Gosaibi stated: “Our continuous collaboration with Tamkeen forms a strategic partnership that is both feasible and serious in devising specialised management and financing methods that support young people in managing successful projects which are able to enter the market and adapt to their requirements. Thus ensuring continuity and survival of these projects, which are now the mainstay of the national economy of most countries of the world.” - TradeArabia News Service