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Agreement brings Tamkeen-BDB portfolio amount to BD170 million
Manama - Tamkeen and Bahrain Development Bank (BDB) signed an agreement to add BD20 million to their joint enterprise finance portfolio, bringing its total amount to BD170 million. Through their partnership, Tamkeen and BDB provide sharia-compliant finance facilities to SME's under Tamkeen's Enterprise Finance Programme.
Commenting on the agreement, Tamkeen Deputy Chairman Khaled Al Amin said: "Through its various programmes, Tamkeen addresses the challenges that the private sector faces with a view to promote this sector and making it the key driver of sustainable economic development. This includes helping SME's in Bahrain obtain the necessary funds they require to expand and diversify their businesses. Tamkeen has always cooperated with leading organisations that play a role in supporting private sector enterprises, and is proud to have BDB join in this initiative."
Nidal Saleh Al Aujan, BDB Chief Executive Officer, lauded the benefits of the programme: "The joint Tamkeen-BDB finance portfolio was increased in light of the efficiency of this programme and the success of the strategic partnership between the two organisations. The programme contributes to the development of SME's and provides facilities and benefits to aspiring entrepreneurs in the kingdom."
Cooperation between Tamkeen and BDB resulted in a number of several joint initiatives to support SME's in Bahrain. These included the Business Incubator Support Scheme, which provides customised services to start-ups and fledgling enterprises, such as incubation units, facilities, low-cost financing, training, and strategic advisory services. Since its launch, the Business Incubator Support Scheme has served more than 200 start-ups.
Since its launch in September 2008, the joint finance programme has thus far offered 4570 finance facilities totalling BD137 million.
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About Tamkeen
Tamkeen is a semi-government organisation in Bahrain established in 2006 by Royal Decree as part of the country's national reform initiatives, with the task of making the private sector as the key driver of sustainable economic development.
Underpinned by its 3 strategic pillars -enhancing quality, serving customers, and achieving results, the organisation provides an integrated range of programmes which address key challenges facing Bahrainis and businesses in the private sector at various stages of their development.
As of end of 2014, Tamkeen's programmes have served more than 110,000 Bahrainis and businesses.
More information available at www.tamkeen.bh
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Tamkeen Marketing Communications Dept.
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E:support@tamkeen.bh
© Press Release 2015
