Tamkeen signs agreement Family Bank
- Bahrain: Thursday, February 21 - 2013 at 11:00
- PRESS RELEASE
In line with its' continuous efforts to support the private sector, Tamkeen has recently signed an agreement with the Family Bank to increase the portfolio of the Micro-Finance Support scheme that provides small and medium enterprises as well as micro businesses with Sharia-compliant financing solutions to enable them to grow.
This will bring the total value of the portfolio to BD2m.
Around 1000 enterprises are expected to benefit by the end of the second phase of this scheme. To date, 653 enterprises have benefited from this support with a total support value of BD1m.
The Micro-Finance Support scheme is part of Tamkeen initiatives to support and develop the private sector and make it the engine of economic development. The scheme basically targets existing small enterprises including family businesses and low-income individuals, enabling them to start small businesses.
Tamkeen subsidies 50% of the profit cost charged for financing ranging from BD500 and BD7,000. In addition to financial support, the Family Bank offers advisory services to beneficiaries to enable them to correctly manage their businesses.
Tamkeen's Enterprise and Human Capital Development Vice-President Dr. Ahmed Abdulghani Al Shaikh, noted, "The programme has been a big success since its launch in January 2011."
"The success of this programme encouraged us to renew our cooperation with the Family Bank as part of our commitment to providing affordable and comprehensive financing solution to Bahraini enterprises to enable them to obtain the needed capital for expansion, development, and contribution to the national economy," he said.
More than 66,000 Bahraini citizens and enterprises have benefited from Tamkeen's support programmes to date, with the number expected to rise to 100,000.
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