NBB extends loan for major farm project

MANAMA: The National Bank of Bahrain (NBB) has extended financing to the latest food sustainability project by the Works, Municipalities Affairs and Urban Planning Ministry.

The project, awarded to Al Amin Gardens (a subsidiary of Ali Rashid Al Amin Company by the Bahrain Agriculture Development Company, is set to design, build, operate and handover a hydroponic farm located in Hoorat A’ali and Diraz.

NBB is offering financing to the BD3.3 million project set to complete within 12 months following its commencement date.

The initiative targets various sectors, specifically small and micro projects in the kingdom, specialising in agriculture.

The project focuses on the principles of stability and the prosperity of Bahraini citizens, the preservation of national natural resources while encouraging community participation.

Hydroponic farming is revolutionising the agricultural industry as it uses 90 per cent less water making it more sustainable than regular farming.

Minimising the country’s carbon footprint, hydroponic fields also eliminate soil borne pests for healthier crops and the need for plant fertilisers.

Commenting, Arif Janahi, head of commercial and SME at NBB, said: “We are delighted to be collaborating with Al Amin Gardens to help develop this initiative. The importance of this project is at the heart of NBB’s journey towards encouraging sustainability and ESG-friendly financing.

“Through this initiative we are able to drive forth more national projects that are in line with the kingdom’s efforts to promote environmental values as part of Vision 2030. NBB continues to invest in initiatives that will benefit both the community and the future of the kingdom.”

Majed Al Ameen, vice-chairman of Ali Rashid Al Amin, said: “We are pleased to be partnering with NBB to bring this project forward. The initiative will assist in disseminating the awareness of agricultural techniques and overcoming challenges within the sector. By encouraging the use of modern agricultural methods and empowering the workers of this sector they will be able to use these modern techniques and therefore create more job opportunities in collaboration with the public sector and all relevant authorities.”

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