Bahrain-based Family Bank said its new microfinance programme which specifically targets low-income families will benefit 5,000 individuals in the Kingdom.

The bank, with a paid-up capital of BD5 million and an allowance of up to BD15 million, was established in January and officially launched in March with the aim of contributing to poverty alleviation and socio-economic empowerment.

It also aspires to provide sustainable microfinance banking services to low-income individuals, as well as focus on developing micro and small enterprises that would lead to social development and support economic growth.

More than 350 people have already benefited from the programme, but it will eventually reach thousands.

"Within the next four years, between 4,000 and 5,000 Bahraini enterprises are expected to benefit from the programme," said Family Bank chief executive officer Dr Atef Elshabrawy.

"Our members, we don't call them clients, are mainly those with small handicrafts, productive families and those producing items from home," he noted.

"Many of them establish small shops for abayas, car repairs, micro construction, and some are with commercial registration and some are without. We arrange co-operation with businesses to provide them with free training," Dr Elshabrawy added.-TradeArabia News Service