Ebdaa microfinance company – Bahrain has reached an agreement with the Bahrain Development of Small and Medium Enterprises Society (BDSMEs) to collaborate to support the region’s entrepreneurship system.
This cooperation comes as part of the outcome of Prince Abdulaziz bin Talal Al Saud, Chairman of the Arab Gulf Program for Development (AGFUND) of Saudi’s visit to Bahrain last month to support entrepreneurs in the kingdom, especially the beneficiaries of the business incubators of BDSMEs.
The collaboration between AGFUND and BDSMEs aimed at providing the opportunity for Bahraini project owners to benefit from Ebdaa’s soft loans. The MOU also entailed Ebdaa Company employees visiting the incubator of the Society periodically so that the owners of the projects there become familiar with the appropriate lending programs and how to use them best.
The agreement was signed by Ebdaa’s CEO, Dr. Khalid Al Ghazzawi, with BDSMEs’ board Chairman Mr. Ahmed Sabah Al Saloom, at the company’s headquarters.
The launch of the cooperation program between the two sides is in line with the priorities of the economic recovery plan related to increasing the contribution of entrepreneurs and emerging projects in the GDP of the Kingdom, diversifying sources of income and providing more jobs for Bahrainis.
BDSMEs will support Ebdaa’s ability to improve the microfinance services for Bahraini entrepreneurs and increase the number of beneficiaries of the provided services. It also facilitates their access to this type of finance that has proven efficiency and effectiveness in transforming ideas into businesses, in addition to offering information, instructions, and financing.