|12 December, 2019

Bahrain launches $264mln liquidity support fund

The Fund’s role is to support working capital requirements of viable companies that are in display of genuine short term liquidity pressures: minister

Image used for illustrative purpose. Bahrain. Modern buildings in Manama skyline.

Image used for illustrative purpose. Bahrain. Modern buildings in Manama skyline.

Gettyimages

Bahrain's Ministry of Finance and National Economy has announced the launch of a BD100 million ($264 million) Liquidity Support Fund in cooperation with the Ministry of Industry, Commerce and Tourism, Bahrain Chamber of Commerce and Industry, Bahrain Labour Fund (Tamkeen) and a number of national banks.

This move comes in line with directives issued by His Royal Highness the Crown Prince during the 2019 Government Forum.

During the launch, Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, signed four agreements with the Chairman of the National Bank of Bahrain, Farouk Yousuf Khalil Almoayyed, the Chairman of the Bank of Bahrain and Kuwait, Murad Ali Murad, the Chairman of the Bahrain Islamic Bank, Dr Essam Abdulla Yousif Fakhro, and the Chairman of the Bahrain Development Bank, Khalid Al Rumaihi.

The Minister of Finance and National Economy welcomed the swift cross-sector collaboration that has delivered the Fund’s launch within two months of HRH the Crown Prince’s directives, noting that it is testament to the remarkable potential of Team Bahrain.

The Minister added that the Fund’s role is to support working capital requirements of viable companies that are in display of genuine short term liquidity pressures, noting that this will have long-term positive implications for private sector growth and ultimately the national development goals of His Majesty King Hamad.

Copyright 2019 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From GCC