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Bahrain Development Bank to boost financing

Manama, May 15, 2014

Bahrain Development Bank (BDB), the kingdom's leading development financial institution, plans to increase financing volume to more than BD60 million ($159 million) this year along with the launch of new facilities, said a report.

The plans include allocating 60 per cent of financing to women and youth projects and providing 4,000 job opportunities through financed projects, reported the Gulf Daily News, our sister publication, citing a senior official.

"Two more branches at Manama Suq and Seef Mall Muharraq will be opened this year," BDB chief executive Nedhal Al Aujan told a Press conference at the Gulf Hotel yesterday.

BDB deputy general manager of non-financial services division Shaikh Hesham bin Mohamed Al Khalifa, deputy general manager of banking services division Adnan Al Balooshi and deputy general manager of support services division Khalid Yousif Meshkhas were also present on the occasion.

"We will also be concentrating on extending more support to industrial, educational, medical care and food production sectors," Al Aujan said.

BDB will also look to provide 3,000 beneficiaries with consultancy and training services and improve the Export Support Programme to encourage small and medium businesses to export more, he said.

Efforts will also be made to improve, enhance and upgrade methods and outcomes of the Entrepreneur Preparation Programme as well as enhance and expand business online advisory services.

He said other key initiatives include establishment of specialised incubators for multimedia, ICT and Bahrain Businesswomen's Society during the remainder of this year.

Reviewing performance so far, Al Aujan said financing transactions from 2009 to 2013 for all financing programmes amounted to a total of BD212,881 million, through 5,686 transactions.

Total added value achieved by the financed projects during same period amounted to BD123 million.

The financed projects during five years contributed in increasing the kingdom's exports to international markets. It amounted to BD104,679 million.

The projects financed by the bank helped in bringing around BD104,030 million of foreign currency into Bahrain from 2009 to 2013.

More than 17,876 job opportunities were created during the five-year period, he said.

"The government has entrusted the bank with a crucial task of promoting investments in Bahrain, aimed at diversifying the economic base, creating new employment opportunities for Bahrainis and contributing to the overall socio-economic development and it will continue to play that role," Shaikh Hesham said.-TradeArabia News Service




Tags: Bahrain Development Bank | Financing |

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