1,775 companies benefit from Tamkeen fund
Manama, July 1, 2012
Tamkeen has announced that a total of 1,775 companies have benefited from its enterprise support fund.
The BD10 million ($26.6 million) fund, launched in June 2011 as part of Tamkeen's mission to support and develop the private sector in accordance with Bahrain's Economic Vision 2030, aims to help distressed companies continue their normal business activities, a statement from the organisation said.
Dr Ahmed Abdulghani Al Shaikh, vice-president, human capital development, Tamkeen, said: “The large number of applications received by the fund from enterprise owners is a clear indication that there is a real need for this kind of support within the private sector.”
“The fund has served as a much-needed lifeline for distressed enterprises, enabling them to cover their recurring expenses which have mounted as the repercussions of the current situation continue to affect businesses.”
“It has so far contributed a total of BD7.6 million ($20.21 million) in financial support for eligible enterprises that completed the application process and were evaluated and classified as distressed businesses,” Dr Al Shaikh said. “The possibility of allocating more money to the fund is currently under evaluation and a decision is expected soon.”
"Tamkeen has always been committed to the highest levels of transparency in all its operational and financial processes. Every application received by the fund goes through three stages: registration, qualification, and assessment, before final approval is granted.”
"Each of these three stages has a set of clear criteria that must be met. Therefore, it is important to understand that simply registering an enterprise in the programme does not necessarily mean it will be eligible for support, and eligibility does not necessarily mean it will be classified as a distressed enterprise," he concluded. – TradeArabia News Service