Bahrain cabinet approves $265.29mln fund to support private sector

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MANAMA: Bahrain’s Cabinet yesterday approved a BD100 million fund to support the country’s private sector.

The session, chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Premier, at Gudaibiya Palace, noted that the strength of the kingdom’s private-public partnership had facilitated the swift establishment of the fund.

The Liquidity Support Fund, in line with directives issued by the Crown Prince during the 2019 Government Forum, will be launched in co-ordination with Bahrain Chamber of Commerce and Industry and a number of national banks.

It aims to support working capital requirements of viable companies facing short-term liquidity pressures.

The Cabinet approved the signing of four agreements with national banks to arrange credit facilities. It instructed the Finance and National Economy Ministry to follow up and initiate the fund’s launch, according to Cabinet secretary general Dr Yasser Al Nasser.

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