First Grameen Bank of GCC opens in Bahrain next month |
|
MANAMA: Bahrain's Grameen Bank, the first of its kind in the Gulf region, with the sole mandate to extend microcredit facilities at very competitive rates, will open for business on Dec. 23, a senior official revealed.
Hashim Hussain, the head of United Nations Industrial Development Organization (UNIDO), on the sidelines of a MENA-OECD seminar on small business said that the new bank, called Innovation Bank, would provide a lifeline to the small and medium enterprises in Bahrain.
According to OECD estimates, such businesses constitutes 93 percent of the total trade in Bahrain, and a microfinance bank dedicated to this segment means access to finance for this sector will no longer be an issue.
"UNIDO has assisted in setting up over 3,000 small and medium-sized businesses in Bahrain ... UNIDO is upbeat that the establishment of Innovation Bank will spur activities in private sector offering rare change for entrepreneurship development activities," said Hashim.
The new entity is being setup following the formal approval of the Central Bank of BahrainCentral Bank of Bahrain
and the bank is 40 percent owned by the Arab Gulf Program for United Nations Development Organizations (AGFUND), 40 percent by Bahrain Development Bank and 20 percent by private investors.
The bank will have an authorized capital of BD10 million and paid-up capital of BD5 million. It will provide financial assistance to small-scale business starters including businesswomen.
Prince Talal bin Abdulaziz, AGFUND founder, had signed a memorandum of understanding with the Chairman of the BDB Shaikh Ebrahim Al-Khalifa last year paving the way for establishment of the Innovation Bank in Bahrain.
"The initiative to set up Innovation Bank is a result of UNIDO's efforts to help the smaller businesses in Bahrain as well as across the region," Hashim said.
By Mahmood Rafique
© Arab News 2008
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Loading ...
from issuers in both public and private sectors. It is not an e-tendering service and is entirely FREE.
As an Issuer, you can benefit from posting an unlimited number of Tender
Notices for FREE and reaching out to an online community of bidders.
The service also offers you a tool to track the interest of bidders to your
tenders 'live' online.
| Financial Services Tenders | Due Date |
Stories
Companies
| Company Name | Country | Industry |
| Consolidated Contractors Company | Overseas | Construction and Design |
| Saudi Telecom | Saudi Arabia | Telecommunications Services |
| Saudi Binladin Group | Saudi Arabia | Construction and Design |
| Emirates Aluminium Company | UAE | Metal Production |
| Dodsal Engineering and Construction | UAE | Construction and Design |
| Emirates Telecommunications Corporation | UAE | Telecommunications Services |
| Saudi Electricity Company | Saudi Arabia | Electric Utilities |
| Pepsi Cola International (Middle East) | Region-wide | Beverages |
| Roads and Transport Authority - Dubai | UAE | Regulatory and Administrative Bodies |
| Al Azizia Panda United Company | Saudi Arabia | General Retailers |
Projects
| Project Name | Country | Sector |
| Takreer - Ruwais Refinery Expansion | UAE | Oil and Gas |
| Emirates Aluminium (EMAL) - Smelter Complex - Phase 1 | UAE | Industry |
| ENEC - Nuclear Power Plant | UAE | Power and Water |
| Abu Dhabi DOT - Abu Dhabi Metro | UAE | Infrastructure |
| Dubai RTA - Dubai Metro | UAE | Infrastructure |
| SATORP - Jubail Refinery and Petrochemical Complex | Saudi Arabia | Oil and Gas |
| Al Safwa - Jeddah Cement Plant | Saudi Arabia | Industry |
| Qatar Bahrain Causeway Foundation - Qatar Bahrain Causeway | Qatar | Infrastructure |
| Qatar Bahrain Causeway Foundation - Qatar Bahrain Causeway | Bahrain | Infrastructure |
| Al Futtaim Carillion - Marina Hotel (Yas Island) | UAE | Real Estate |







Loading ...