Tamkeen, KHCB to manage fund

Manama : The Labour Fund “Tamkeen” and Khaleeji Commercial Bank (KHCB), yesterday signed a partnership agreement to manage a financing portfolio worth 30 million Bahraini dinars as part of Tamkeen’s Business Development “Tamweel+” Scheme. 

The program comes in line with the enterprise support efforts to help boost economic growth in the Kingdom as well as the private sector. 

It provides financing solutions for projects whose capitals range between BD 1,000,000 and BD 2,500,000 with financing for investment, expansion or diversification purposes, where they are entitled to a long term repayment period of up to 7 years. 

This aims to support medium and large enterprises (SMEs) and assist them in addressing the most crucial challenges they face during their various development stages. Furthermore, Tamkeen will subsidise 70 per cent of the annual nominal profit rate (capped at an 8pc reducing balance).

Tamkeen’s Chief Executive Dr Ebrahim M. Janahi, welcomed the expansion in “Tamweel+” and stressed the pivotal role of banks participating in this portfolio, including Khaleeji Commercial Bank, one of the leading Islamic banks in the Kingdom of Bahrain.

Dr. Janahi pointed out that “Tamweel+” is one of the significant projects that contribute in boosting the private sector, with Bahraini enterprises of regional and international reach. 

“This contribution ultimately emphasizes Bahrain’s position as a commercial hub, and a leading economic centre, especially in non-oil sector, paving the way for economic expansion in light of the international economic transformation,” he added. 

Tawfeeq Mohamed Bastaki, Chief Risk Officer & Acting Chief Executive Officer of KHCB, said, “At KHCB, we prioritise our responsibility towards the success of policies that aim to promote economic growth, maintaining monetary stability, developing the private sector’s financing mechanisms, providing bank credit in the necessary amounts with suitable conditions to achieve targeted growth, financing investment.”