22 January 2007
The Kingdom will have the GCC's first Poor bank - to fund the micro projects, a top official at the Bahrain Development Bank (BDB) said yesterday.
Chairman of the BDB board Shaikh Ebrahim bin Khalifa Al Khalifa, said that the new entity would be set up in co-operation with the Arab Gulf Programme for United Nations Development Organisations (AGFUND).
The establishment of banks for the poor in the Arab countries is part of UNIDO's initiative, as two branches have already been launched in Jordan and Yemen, said Shaikh Ebrahim on the sidelines of the visit of Dr Kandeh Yumkella, Director-General of UNIDO at the Bahrain Business Incubator Centre (BBIC).
He said: "We have a master plan in cooperation with the AGFUND to identify the capital of the bank, its services and shareholders. We will have further discussions on the establishment of a Bank for Poor in Bahrain soon where we will start negotiation concerning the capital and location in Bahrain."
Shaikh Ebrahim said that BDB would increase its capital to BD 50 million from BD 10 million to support the Small Medium Enterprises (SMEs) in the Kingdom.
Dr Yumkella's visit has expressed and reflected the importance of the Bahraini model and how it actually was adopted by many countries in the world and how UNIDO will adopt it as an international model, to support and finance the SME's.
He said: "The BDB developed the first incubator centre in the GCC in Hidd Industrial area with an objective to support startup of Small Medium Enterprises by Bahrainis and to promote entrepreneurship.
"To date the overall number of companies started in Bahrain Business Incubator Centre is 54.
Currently the incubator is hosting 39 companies, of which 16 are managed by women entrepreneurs. The total number of graduated companies is 12 and three virtual tenants."
Dr. Yumkella will meet with Dr Hassan Fakhroo, Minister of Industry and Commerce to discuss and elaborate on the development of cooperation programmes between UNIDO and Bahrain.
The Kingdom will have the GCC's first Poor bank - to fund the micro projects, a top official at the Bahrain Development Bank (BDB) said yesterday.
Chairman of the BDB board Shaikh Ebrahim bin Khalifa Al Khalifa, said that the new entity would be set up in co-operation with the Arab Gulf Programme for United Nations Development Organisations (AGFUND).
The establishment of banks for the poor in the Arab countries is part of UNIDO's initiative, as two branches have already been launched in Jordan and Yemen, said Shaikh Ebrahim on the sidelines of the visit of Dr Kandeh Yumkella, Director-General of UNIDO at the Bahrain Business Incubator Centre (BBIC).
He said: "We have a master plan in cooperation with the AGFUND to identify the capital of the bank, its services and shareholders. We will have further discussions on the establishment of a Bank for Poor in Bahrain soon where we will start negotiation concerning the capital and location in Bahrain."
Shaikh Ebrahim said that BDB would increase its capital to BD 50 million from BD 10 million to support the Small Medium Enterprises (SMEs) in the Kingdom.
Dr Yumkella's visit has expressed and reflected the importance of the Bahraini model and how it actually was adopted by many countries in the world and how UNIDO will adopt it as an international model, to support and finance the SME's.
He said: "The BDB developed the first incubator centre in the GCC in Hidd Industrial area with an objective to support startup of Small Medium Enterprises by Bahrainis and to promote entrepreneurship.
"To date the overall number of companies started in Bahrain Business Incubator Centre is 54.
Currently the incubator is hosting 39 companies, of which 16 are managed by women entrepreneurs. The total number of graduated companies is 12 and three virtual tenants."
Dr. Yumkella will meet with Dr Hassan Fakhroo, Minister of Industry and Commerce to discuss and elaborate on the development of cooperation programmes between UNIDO and Bahrain.
By Naila Barakat
© Bahrain Tribune 2007
