Press Release.
The Labour Fund (Tamkeen) announced the first wave of strategic partnership agreements with Bahrain Development Bank and Ahli United Bank to facilitate access to financing for private sector enterprises, in compliance with the principles of Shariah. These partnerships follow the launch of Tamkeen’s new programs that aim to drive higher levels of productivity and greater economic impact in line with the Kingdom’s national economic recovery plan and market needs.
On this occasion, H.E. Husain Mohamed Rajab, Chief Executive of Tamkeen welcomed these valuable partnerships with key players in the financial services sector which aim to support economic growth in the Kingdom and provide greater access to financing for enterprise growth and development. He said: “Tamkeen is fully committed to empowering and enabling private sector enterprises to grow and increase their contribution to the national economy. We are working on establishing several partnerships with key financial institutions in the Kingdom of Bahrain to provide access to financing as an essential part of our program support mechanisms.”
Historically, Tamkeen supported around 9,000 enterprises with approved loan values worth over BHD 700 million in collaboration with nine leading banks. Building on that, Tamkeen continues to establish strategic partnerships that can provide diverse financing solutions to existing and new private sector enterprises.
The support will be through some of Tamkeen’s recently announced programs, including: Start Your Business, Business Growth, Go Digital, and Riyadat financing which offers support to enterprises which are led by Bahraini women.
Tamkeen is also working on building other strategic partnerships with several banks to be announced very soon, in order to provide more diverse financing and funding solutions.
Tamkeen has recently launched 16 support programs as part of its strategic transformation initiative that focuses on creating greater impact for the national economy. These programs further Tamkeen’s objectives of making the private sector the engine of economic growth and Bahrainis the employee of choice locally and internationally, empowering their contribution to sustainable economic development in the Kingdom.