The Bahrain Labor Fund (Tamkeen) has signed a new strategic partnership agreement with the Bank of Bahrain and Kuwait (BBK) in line with the new support programs of providing institutions with a variety of financing options.
The agreement comes as an addition to strategic partnership agreements announced over the past 2 months with several key financial services providers in Bahrain to provide enterprises with diverse options for funding. Tamkeen established partnership agreements with 9 banks so far with the purpose to drive productivity and growth in the private sector.
“These strategic partnerships ensure that enterprises of all sizes have access to financing to stimulate the economy and encourage investors to launch new business ventures as well as support growth and expansion goals for established businesses. Financing is a critical component of our support and is a key element to maintaining a robust private sector and empowering it to become the engine of economic growth. This initiative is underpinned by our commitment to achieving these goals in line with Bahrain’s national priorities and the economic recovery plan, and our ongoing efforts to stay abreast of changing market demands.”
These partnerships included several financial services institutions that will offer diverse financing solutions to empower enterprises to expand inside Bahrain and overseas. Over the past 13 years, Tamkeen has facilitated over 9,000 loans for micro and small enterprises, which contributed to enhancing the entrepreneurship ecosystem and enabling growth and development for startups.
Earlier this year, Tamkeen unveiled an organization-wide strategic transformation plan that included the launch of 16 support programs. The transformation initiative focuses on creating a greater impact on the national economy in response to market needs.
The programs are proactive, objective-based, and impact-driven, offering holistic support that meets the enterprise and individual development needs at any stage of their growth journey. Strategic partnerships like the one with BBK will provide support to enterprises through some of the recently announced programs, including Start Your Business, Business Growth, Go Digital, and others.