Tamkeen inks SME finance deal
Manama, October 4, 2011
Labour fund Tamkeen has signed a deal with Bahrain Development Bank (BDB) to expand its portfolio allocated to the information and communication technology finance scheme to create further opportunities for the private sector.
With this agreement, which was inked at a meeting of more than 150 small to medium-sized enterprises in the Gulf Hotel, BDB becomes the third strategic partner to implement the scheme.
'There is no doubt that the ICT scheme has gained much attention by the private sector for the benefits it adds in developing work systems and productivity levels, with a greater impact on the overall performance of enterprises,' said BDB chief executive officer Nedhal Saleh Al Aujan.
'We have sensed the need through our continued partnership with Tamkeen to launch this ICT finance programme to support private sector enterprises for the role they have as enablers of national economy development,' he remarked.
'In many cases, ICT is classified as a strategic tool that can contribute to and enhance enterprise capabilities, increase the innovation and creativity movement and provide cutting-edge databases and resources inside and outside the enterprise to provide better communication with clients and other enterprises,' Al Aujan said.
'Therefore, any enterprise with a vision to lead in the global arena should have certain elements and competitive advantages with a future-looking approach that regards ICT as an integral part of it,' he added.
Tamkeen manager for private sector support Mohamed Amin, said applicants for the scheme can apply for finance ranging from BD3,000 to BD50,000 ( ) with a maturity period of five years.
'Tamkeen's role will be to bear all interests incurred on the loans, in addition to providing up to 25 per cent discount if the loan gets settled before the maturity date as per the terms and conditions of the scheme, to enable enterprises with ICT solutions to lower costs and develop business opportunities,' he explained.
The Tamkeen official urged enterprises to apply for the scheme through Wipro Bahrain, which has been appointed as the scheme's manager to receive and process applications and liaise with the concerned bodies.-TradeArabia News Service