New stimulus package in Bahrain for businesses praised

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MANAMA: His Majesty King Hamad’s directives to launch a stimulus financial and economic package to handle the repercussions of the coronavirus (Covid-19) pandemic and maintain the sustainable development efforts were praised by a top official yesterday.

Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa also welcomed the Cabinet’s decision to reopen the door for application to the Liquidity Fund while focusing on small and medium companies.

He said the decision is an assertion of the leadership’s keenness to continue harnessing all capabilities to mitigate the repercussions of the coronavirus (Covid-19) pandemic on vital sectors in the kingdom.

He stressed the importance of the move to continue building on the achievements brought about thanks to the national efforts led by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince Prime Minister.

He was speaking during a virtual meeting with Industry, Commerce and Tourism Minister Zayed Alzayani, Labour Fund (Tamkeen) board chairman Shaikh Mohammed bin Isa Al Khalifa, chairman of Bahrain Chamber of Commerce and Industry Sameer Nass, National Bank of Bahrain board chairman Farouk Almoayyed, Bank of Bahrain and Kuwait board chairman Murad Ali Murad, Bahrain Islamic Bank board chairman Dr Essam Fakhro, Bahrain Development Bank board chairman Khalid Amru and chief executives of the national banks.

Discussions focused on procedures related to carrying out the decision of the Cabinet.The companies’ applications to avail of the funding provided by the Liquidity Fund can be submitted starting from July 1.

The move aims to support companies and ensure sustainability of their projects.

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