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|07 June, 2018

Algosaibi signs grant agreement with Ebdaa Bank

$263,000 grant will help enhancing bank’s financial solvency and to increase its ability to expand borrowers list

The Central Bank of Bahrain is seen in Manama. Image for illustrative purposes.

The Central Bank of Bahrain is seen in Manama. Image for illustrative purposes.

REUTERS/Hamad I Mohammed

Algosaibi Holding Group, a leading investment company in the region, has signed a grant agreement with Ebdaa Bank, as a nonprofit social financing, that seek to help low-income Bahraini make their way to business.

This grant of BD100,000 ($263,000) will help enhancing bank’s financial solvency and to increase its ability to expand borrowers list which currently includes more than 2,500 borrowers.

The agreement was signed by Dr Khalid Al Ghazawi, CEO of Ebdaa Bank, and Fawaz Algosaibi, CEO of Algosaibi Holding, at the  headquarter of Ebdaa Bank in Sanabis, Bahrain.

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“We grant five types of loans without guarantees to low-income Bahrainis in Ebdaa Bank, including Sayidati loan to finance projects run by housewives, in addition to other financing products that suits each borrowers’ project,” Dr Al Ghazawi said.

“The total amount of one loan varies between five hundred and one thousand dinars, while the average of per loan is only 893 dinars. This support from Algosaibi Group can greatly improve our business, especially as we monitor high rates of sustainability and expansion of borrowed projects.”

The CEO of Ebdaa Bank welcomed Algosaibi Holding group as a new supporter to bank’s supporters group which including Mona Almoayyed, Khalid Kanoo, Abdulhameed Dwani, AGFUND, Eskan Bank and Bahrain Development Bank.

He praised Algosaibi Holding Group as one of the leading Bahraini institutions in the field of promoting the national economy and supporting the Bahraini society.

Fawaz Algosaibi  said: “This support is a part group’s social responsibility towards Bahraini community, providing support to the low income population and encouraging them to venture their business would contribute to provide job vacancies, reduce import invoices and support the national economy to achieve Bahrain 2030 vision.”

Algosaibi praised the efforts made by Ebdaa Bank to provide easy financing for low-incomers and prudent management practices implemented by the Bank, which contributed to its financial stability and the constant expansion of borrowers. Expressing his full confidence in the ability of the bank to manage the amount of support and maximize the benefit from it. – TradeArabia News Service

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