Oman - Ebdaa Bahrain Microfinance Company has reached an understanding with Oman Development Bank to advance microfinance in the Sultanate of Oman.
A delegation from Oman Development Bank had come to Bahrain on a five-day visit, which served as an introductory and training opportunity for them at Ebda.
The delegation gained a comprehensive understanding of the company's financing products, risk coverage guarantees, archival and documentation procedures, default indicators and collection mechanisms.
Dr Khalid Al Ghazzawi, Ebda CEO, said his company is committed to extending support, including the development of training and advisory programmes, to bolster the growth of microfinance solutions. The company is keen to share its wealth of experience with the delegation, creating a conducive and supportive environment for microfinance pioneers in the sultanate.
Dr Al-Ghazzawi highlighted that Ebdaa is a strategic partner for its customers in Bahrain, diligently working to help them achieve their financial and developmental aspirations. He highlighted that Bahrain has been at the forefront of nurturing and advancing the microfinance sector.
This journey began in 2009 through collaboration with the Arab Gulf Programme for Development (AGFUND) in the establishment of "Ebdaa Bank for Microfinance." This pioneering effort has led to the accumulation of invaluable experience within the bank's team, which later evolved into a standalone company.
Furthermore, there has been significant awareness among beneficiaries and the community regarding the operational mechanisms and benefits associated with this form of financing.
The visit also entailed trips to Ebdaa Company's branches situated in different regions of Bahrain. These visits provided insights into the day-to-day operations, processes, and procedures followed within the company.
The evaluation aimed to gauge the efficiency of these practices and identify methods and ideas that could be adopted. The interaction between the delegation and various departments in the branches facilitated the exchange of experiences and knowledge, fostering discussions on best practices and techniques within the microfinance realm.
Field visits to projects initiated by Bahraini clients benefiting from Ebdaa Company's financing services were integral to the delegation's itinerary. These visits provided firsthand exposure to the positive impact of the company's financing solutions on project initiation, development, sustainability, and their contribution to diversifying investments within the Bahraini economy. They underscored the support provided to various sectors, Bahraini entrepreneurs and job creation.
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