$100m investment in Bahrain to help SMEs growth!

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of IDB Group, in collaboration with Ibdar Bank, and Labour Fund Tamkeen have announced that a $100 million fund has been launched in Bahrain in order to help (SMEs), small and medium sized enterprises grow.

Ahmed Al-Rayes, chief investment officer of Ibdar Bank said: “SMEs are the main drivers for growth and economic diversification and the backbone of any successful and sustainable economy and contribute significantly to the development and growth of efficiency, particularly to innovation, job generation, and international competitiveness.

The Bahrain SME Fund is a Shariah compliant mezzanine private equity fund which will target SMEs with high growth potential in consumer, industrial, ICT, education and healthcare sectors, a statement said.It added that 90 percent of Bahrain enterprises are SMEs and their contribution accounts for about 30% of the kingdom’s GDP.

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