Tamkeen, KHCB sign $26.5m finance deal
Manama, October 25, 2011
Tamkeen, Bahrain’s labour fund, has signed an agreement with Khaleeji Commercial Bank (KHCB) to provide BD10 million ($26.5m) worth of financing facilities to private sector establishments.
According to the agreement signed at Tamkeen's premises, KHCB will add a BD10 million portfolio under Tamkeen's finance scheme for Private Sector Support worth more than BD164 million.
"This agreement is yet another testimony to Tamkeen's keen interest to support private sector enterprises in the kingdom," Tamkeen's vice-president for enterprise and human capital development Dr Ahmed Abdul Ghani Al Shaikh said.
Highlighting the number of beneficiaries, Dr Al Shaikh announced that more than 2,900 enterprises have benefited from the scheme to date, with more in the pipeline.
He also stressed the significance of adding a new partner on board that comes in parallel with widening the spectrum of options available so that the applicants make the most of the scheme.
On the eligibility criteria, Dr Al Shaikh said the finance scheme is open to any small, medium or above medium enterprises which satisfy certain requirements, including, among other things, that enterprises' place of incorporation is Bahrain with a Bahrainisation certificate as per the Labour Market Regulatory Authority's requirements.
"We are delighted to have partnered with Tamkeen through their financing scheme for Private Sector Support," KHCB chief executive Ebrahim Hussain Ebrahim said.
"This is in line with KHCB's social responsibility towards Bahrain and supporting not only the small and medium enterprises market but also the economy as a whole."
Hussain said entering into this partnership with Tamkeen stems from the vision adopted by the bank to support private sector businesses to enable them to become a fundamental stimulator of economic development in the long run. – TradeArabia News Service