Tamkeen launches updated Riyadat financing program for Bahraini women

TDT | Manama                       

The Daily Tribune – www.newsofbahrain.com   

The Labour Fund, Tamkeen, has stepped up its efforts to provide Bahraini women with financial assistance so they can start, grow, and expand their businesses.

The updated Riyadat program was launched yesterday at a press conference organised by Tamkeen, in partnership with the Supreme Council for Women (SCW) and the Bahrain Development Bank (BDB).

Through the updated program, Tamkeen will incentivise a percentage of the profit payable by small, medium and large enterprises, depending on the support track. The profit subsidy increases when the amount is paid regularly within five years, as per the terms and conditions of the program, in addition to providing advisory services to the supported enterprises.

The financing amount can be used for fixed assets, to cover operating expenses, enhance the products and services offered by enterprises, and obtain licenses and other necessary requirements needed by the enterprise to grow and expand its operations, in addition to supporting marketing activities.

Applications to the updated Riyadat Program will open on 1 January through Bahrain Development Bank.

Praise for support

SCW Assistant Secretary General Shaikha Deena bint Rashid Al Khalifa praised the ongoing support provided by Tamkeen and the BDB that caters to the establishment and growth of Bahraini women’s business ventures.

She noted that the updated version of the Riyadat Financing scheme is in line with the Economic Recovery Plan and labour market changes.

National priorities

Tamkeen Acting Chief Executive Maha Mofeez said that this scheme is a continuation of the comprehensive transformation plan announced earlier this year, which introduced 16 programs, in line with national priorities and labour market changes.

“Tamkeen has always believed in the role of Bahraini women as active and influential players in the sustainability and development of Bahrain’s economy, in line with Tamkeen’s mandate. We are constantly exploring various forms of support, including financial, technical and advisory, which enable progress and business development,” she said.

“We have introduced the Riyadat financing program which provides an opportunity for Bahraini women to benefit from accessible financing solutions to develop their commercial activities, translating to further and continued success.”

She pointed out that the updates introduced to the program came as a result of the collaboration with the SCW and BDB that conducted a comprehensive review on the performance of the enterprises which have previously benefited from the support program.

Financing solutions

During the past years, financing solutions that exceeded BD7.5 million for 318 women-owned enterprises in various economic sectors were provided through the Riyadat financing scheme.

“Riyadat finance is one of the most important schemes that BDB offers in partnership with the Supreme Council for Women and Tamkeen to support entrepreneurship field in Bahrain and to empower women specially to achieve their goals and take an effective part in economy development,” said Dalal Al Qais, BDB Chief Executive Officer, stressing the importance of the changes implied on Riyadat Financing Scheme.