Bahrain’s semi-autonomous government agency, Tamkeen Labour Fund, has signed new strategic partnership agreements with six more banks to provide comprehensive financial solutions to private sector enterprises.
The new agreement adds new support program partners including Bahrain Islamic Bank, Khaleeji Commercial Bank, Al Baraka Islamic Bank, Kuwait Finance House, Itmar Bank, as well as Al Salam Bank.
The signings are an addition to previously announced strategic partnership agreements with Bahrain Development Bank and Ahli United Bank.
These partnerships will enable the ventures to provide the capital needed to energize their development and growth locally and internationally. Tamkeen’s 2021-2025 strategy aims to maximize the impact on the economy in line with national economic priorities and market needs.
On this occasion, Mr. Hussein Mohammad Rajab, Chief Executive of Tamkeen, emphasized the role of Tamkeen in promoting investment, employment and training in all sectors with special emphasis on high potential areas, all of which are creating a positive wave impact across the national economy.
Welcoming the collaboration with financial institutions, Mr. Rajab stated that “We highly value these strategic partnerships with key players in Bahrain’s financial services sector to facilitate opportunities for growth and development for enterprises in the Kingdom. These financing schemes help companies achieve their business objectives, therefore empowering their success and increasing their contribution to our national economy.”
Empowerment of enterprises is one of Tamkeen’s major objectives, and therefore, through various programs and initiatives, Tamkeen provides specific support to 65,000 enterprises in Bahrain when needed, including a business continuity program that supported 22,000 enterprises during the global pandemic. In addition, Tamkeen enabled 19,000 entrepreneurs to start new businesses to nurture the thriving startup ecosystem in Bahrain.
Through this partnership, which will last for more than 13 years, Tamkeen will offer financial schemes that support more than 7,000 micro and small businesses. The venture builds on the impact of the years on local ventures, giving them more financial options to take advantage of their success. Support will be offered through some of Tamkeen’s recently announced programs, including Start Your Business, Business Growth, Go Digital, and more.
Tamkeen recently launched 16 support programs as part of its strategic transformation drive that will have a huge positive impact on the national economy. These programs serve Tamkeen’s key goals of making the private sector the engine of economic growth, making Bahrainis regionally and internationally selected employees, and strengthening their contributions to sustainable economic development in Kingdom.