Bahrain-based Eskan Bank has signed a BD250 million ($659.3 million) agreement with leading financial institutions - National Bank of Bahrain (NBB), Bahrain Islamic Bank (BisB) and Kuwaiti Boubyan Bank - to support the kingdom's key housing programmes.

 

This partnership aims to provide joint financing of BD250 million ($659.3 million) to support and expand suitable housing programmes and options for Bahraini citizens, reported BNA. 

 

The initiative aligns with the unwavering efforts of the Ministry of Housing and Urban Planning to implement effective housing policies in line with the Government's wise vision of providing affordable housing in the Kingdom, it stated.

 

The agreement was signed by Amna bint Ahmed Al Rumaihi, Minister of Housing and Urban Planning and Chairperson of the Board of Directors of Eskan Bank; Hala Yateem, Chairperson of National Bank of Bahrain (NBB); Zaid Khalid Abdulrahman, Chairman of Bahrain Islamic Bank (BisB); and Adel Al Majed, Vice Chairman of the Board and Chief Executive Officer of Boubyan Bank Group.

 

Speaking at the event, Al Rumaihi said this agreement comes within the framework of the active and ongoing partnership with the private sector to support efforts to provide flexible housing options and solutions for the largest possible number of citizens.

 

"This includes the housing finance programme, which has witnessed a significant growth in demand among Bahraini citizens, and other programmes and projects that the bank is actively pursuing to address the housing needs of citizens, in line with government directives in this regard, as outlined in the government's programme," she noted.

 

The minister lauded the participating banks for their active cooperation and contributions to the joint financing agreement and also commended their flexibility and efficiency throughout the process - from initial studies to final agreements, which has been instrumental in its successful completion.

 

Al Rumaihi said this cooperation embodies the complementary relationship between all parties towards achieving the common goal of supporting the housing sector in the Kingdom.

 

The minister also highlighted that these constructive partnerships contribute to bolstering the Kingdom's national economy by providing the necessary support to complete development plans and projects, said the BNA report. 

 

This positively impacts various sectors, particularly the banking, services, and real estate sectors, and meets the needs of citizens, she added.

 

NBB Group Chief Executive Usman Ahmed expressed pride in supporting the initiative aimed at improving housing access and contributing to Bahrain’s social and economic development. 

 

"This partnership reinforces NBB's commitment to sustainable development and national objectives, while enabling Eskan Bank to address the growing housing demand and enhance financial capacity to support the Kingdom’s housing projects," he noted.

 

Eskan Bank General Manager Abdullah Talib said the key agreement represents a valuable extension to the ongoing efforts aimed to provide citizens with affordable housing solutions. 

 

"This strategic cooperation with banks allows Eskan Bank to achieve its aspired goals and continue supporting the housing needs of Bahraini citizens," he noted.

 

Bahrain Islamic Bank Acting CEO Fatema Al Alawi said this collaboration with Eskan aligns with its commitment to supporting community-focused projects and providing essential housing solutions for Bahraini citizens, contributing to the Kingdom's sustainable development goals.

 

Adel Al Majed, Vice-Chairman and Group CEO of Boubyan Bank, said the partnership showed the bank's dedication to providing innovative, diverse, and efficient financing solutions, thus recognising the critical role the banking sector plays in supporting developmental and infrastructure projects. 

 

This reflects Boubyan Bank's broader commitment to sustainable initiatives both in Kuwait and across the region, he added.