Saturday 11 July 2020

Bahrain launches $264m liquidity support fund

MANAMA, December 12, 2019

Bahrain's Ministry of Finance and National Economy has announced the launch of a BD100 million ($264 million) Liquidity Support Fund in cooperation with the Ministry of Industry, Commerce and Tourism, Bahrain Chamber of Commerce and Industry, Bahrain Labour Fund (Tamkeen) and a number of national banks.

This move comes in line with directives issued by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister, during the 2019 Government Forum.

Speaking at the launch, Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, welcomed the swift cross-sector collaboration that has delivered the Fund’s launch within two months of HRH the Crown Prince’s directives, noting that it is testament to the remarkable potential of Team Bahrain.

The minister signed agreements with the Chairman of the National Bank of Bahrain, Farouk Yousuf Khalil Almoayyed, the Chairman of the Bank of Bahrain and Kuwait, Murad Ali Murad, the Chairman of the Bahrain Islamic Bank, Dr Essam Abdulla Yousif Fakhro, and the Chairman of the Bahrain Development Bank, Khalid Al Rumaihi.

Shaikh Salman pointed out that the Fund’s role was to support working capital requirements of viable companies that are in display of genuine short term liquidity pressures.

This, he stated, will have long-term positive implications for private sector growth and ultimately the national development goals of His Majesty King Hamad.

The Minister concluded by thanking all participants involved in the swift implementation of the Fund.

Bahrain Chamber of Commerce and Industry (BCCI) Chairman Sameer Abdulla Nass voiced pride in having a liquidity support fund and expressed confidence in the outcomes of the fund in empowering local businesses and invigorating the national economy.

He also commended all initiatives that aim at bolstering the national economy and spurring its development.

Almoayyed said: “NBB is proud to be a strategic partner of the Government of Bahrain on this ambitious initiative spearheaded by HRH Crown Prince. We commit our on-going support to the Fund’s mandate and will continue to take a proactive role to ensure the successful implementation of this scheme.”

Ali Murad said: "We, at BBK, are proud to be amongst the leading banks in the kingdom to support Bahrain’s economy and national growth through this Liquidity Support Fund. The scheme, with the efforts of all the stakeholders, will be of great support to the national growth of Bahrain and its economy."

Dr Fakhro said: "We are delighted to be playing an active role in this national initiative which will provide vital support to SMEs and Bahrain’s Economic Vision 2030."

Al Rumaihi, hailing the Fund’s launch, said: "It is a unique concept to support companies and SMEs in particular. SMEs are the backbone of the economy, generating employment opportunities and spurring overall demand."

"This focused approach to support SMEs is a model which I expect to be emulated elsewhere," he added.-TradeArabia News Service


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