Tamkeen, Bahrain’s labour fund and the Bahrain Development Bank (BDB) have signed an agreement to launch a BD20 million ($52.6 million) portfolio within the Tamweel Plus program to finance medium and large enterprises.

Tamkeen, Bahrain’s labour fund and the Bahrain Development Bank (BDB) have signed an agreement to launch a BD20 million ($52.6 million) portfolio within the Tamweel Plus program to finance medium and large enterprises in compliance with Islamic Sharia.

The agreement was signed by the respective CEOs of Tamkeen and Bahrain Development Bank, Dr Ebrahim Mohammed Janahi and Sattam Sulaiman Al Gosaibi.

Tamweel Plus targets medium and large enterprises established in Bahrain, supporting their innovation and aiding them to enter international markets. The financing is tailored to the needs of the enterprises,   covering investment procedures, expansion or diversification of products and services.

The program provides support for projects requiring funding between BD 1 million to BD2.5 million, with Tamkeen paying 70 per cent of the profit rates. The financing transactions will be carried out through the Bahrain Development Bank.

Dr Ebrahim Mohammed Janahi, chief executive of Tamkeen, said: "We are delighted with the steady growth of joint programs and initiatives with the Bahrain Development Bank in support of private sector enterprise development. The portfolio will surely reach a larger segment of clients to advance their business and achieve the desired sustainability, driving the economic development of the Kingdom."

Al Gosaibi said: "We are delighted to launch a new joint venture with Tamkeen to be added to the list of other initiatives and programs between us in the field of financing and developing entrepreneurs in the Kingdom.”
“Tamweel+” program is an important addition and will help improve the quality and the performance of enterprises as well as enhance their positions both locally and internationally.

“The launch of this program comes after careful consideration of the financial needs of the business sector in the Kingdom of Bahrain, and the nature of operations and activities of this sector in terms of expansion and diversification of products and services inside and outside the Kingdom,” he added.

Al Gosaibi also stressed on the importance of this program to the national economy, which will support creating new jobs, attracting foreign currencies and investments, in addition to increasing the size of exports. – TradeArabia News Service