Tamkeen and Bahrain Islamic Bank have signed an agreement to increase the enterprises financing portfolio by BD10 million ($26.53 million) as part of the Enterprise Financing Scheme, which Tamkeen offers in partnership with various banks in the Kingdom.

The Finance Scheme is Tamkeen’s flagship programme, which provides Bahrain-based enterprises with financing solutions in order to help them improve overall business activities, a statement from the organization said.

The agreement raises the value of the finance scheme between Tamkeen and the Bahrain Islamic Bank to BD30 million - from which more than 150 enterprises have benefited to date. Upon this announcement, the total value of the Finance Scheme has increased to up to BD210 million.

Since its launch, the Finance Scheme has enabled more than 4,900 enterprises across various sectors, including more than 1,000 startups and 1,000 micro enterprises, to obtain financing, with a total amount exceeding BD150 million.

"We are pleased to sign this agreement, that reflects Tamkeen’s and Bahrain Islamic Bank’s commitment, along with all our financing partners, to providing easy finance solutions to enterprises, especially small and medium enterprises, to enable them to acquire the capital they need for growth, expansion, and contribution to the national economy," said Tamkeen's chief executive Mahmood Hashem Al-Kooheji.

Mohamed Ebrahim Mohamed, BisB chief executive, said: "We are pleased to sign this agreement with Tamkeen for the third successive time which confirms the continuation of partnership and co-operation between the two sides with a view to supporting the biggest possible number of small and medium enterprises in the Kingdom."  

"Through this agreement, we are committed to provide BD10 million in finance to support small and medium enterprises as part of our keen desire to back private sector businesses. In fact, standing by small and medium size enterprises is a national duty and a positive step of which we are proud as it will directly contribute to improving the skills and capabilities of hundreds of citizens employed in this sector in addition to providing them with suitable job opportunities."

Tamkeen offers its Enterprise Financing Scheme in cooperation with a number of local banks that include, in addition to the Bahrain Islamic Bank, Bahrain Development Bank, BMI Bank, Al Salam Bank, Kuwait Finance House, Khaleeji Commercial Bank, and Standard Chartered Bank. For Micro Financing, Tamkeen cooperates with Family Bank and Ebdaa Bank. – TradeArabia News Service