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A total of 382 requests for financial support have been submitted by large businesses in the country to offset the impact of the Covid-19 pandemic.
Forty-eight per cent of them have already received support from the Liquidity Fund in association with banks.
This was revealed by Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa during yesterday’s Parliament session.
He explained that the total financial support based on requests has reached BD86 million.
“Banks have spent BD34m so far with the expected total for the entire requests being BD86m with payments being arranged over the next few months,” said Shaikh Salman.
The Liquidity Fund’s finances were doubled from BD100m to BD200m under the BD4.3 billion financial stimulus package which was launched by the government in March to boost the economy amid the coronavirus outbreak.
The Liquidity Fund aims to support working capital requirements of viable companies that display genuine short-term liquidity pressures.
It provides loans through local banks with 2.5pc interest rates for businesses from all categories.
Parliament financial and economic affairs committee chairman Ahmed Al Salloom explained that the BD86m was for the first batch of requests, while more were expected to benefit from further support bringing the amount to more than BD100m.
Tamkeen has also helped more than 10,000 small and micro enterprises with financial support in the form of grants as part of its Business Continuity Support Programme.
BUDGET
The programme was launched last month with an estimated budget of BD40m to support small and micro enterprises impacted by Covid-19, with the aim of supporting 20,000 enterprises.
Meanwhile, Transportation and Telecommunications Minister Kamal Ahmed told MPs that telecom companies would be directed to respect customers when collecting outstanding payments.
It follows accusations by Parliament’s public utilities and environment affairs committee chairman Hamad Al Kooheji that debt collectors assigned by telecom companies were forcing payments.
“We will direct all telecom providers to respect Bahrainis and expat residents when collecting debts without raising their voices,” said Mr Ahmed.
“If a settlement is not reached then it will be referred to court for a ruling.”
Mr Ahmed also said in another response that the Gulf Aviation Academy has started providing tailor-made courses for those working in maritime, sea and port jobs.
“We are exploring more options to get more Bahrainis into related jobs and are also co-ordinating with the Education Ministry to get us scholarships in the field.”
Meanwhile, MP Khalid Bu Onk accused Youth and Sports Minister Aymen Almoayed of deliberately not attending Parliament sessions to respond to questions, despite the meetings being held remotely. However, Parliament and Shura Council Affairs Minister Ghanim Al Buainain responded by informing MPs that the minister had already apologised in advance as he had an urgent meeting.
mohammed@gdn.com.bh
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