Eskan Bank has announced the successful conclusion of a financing syndication deal worth $663 million (BHD 250 million), secured in collaboration with leading local, regional, and international banks.
The agreement intends to provide the necessary resources to support Bahrain’s housing programs and projects from 2023-2026.
The financing will be coordinated by the National Bank of Bahrain (NBB) with Bahrain Islamic Bank (BisB), acting as an agent bank, and comprises two tranches. The first will be financed by the National Bank of Bahrain (NBB), in cooperation with Standard Chartered, Boubyan Bank, and Warba Bank.
This facility includes participation from Gulf International Bank (GIB), The Housing Bank for Trade and Finance, and Habib Bank Limited (HBL). The second tranche is financed by the National Bank of Bahrain (NBB), Bahrain Islamic Bank (BisB), and Al Baraka Islamic Bank.
Abdulla Taleb General Manager Eskan Bank
“This agreement represents a vital step in enabling Eskan Bank to continue fulfilling its mission of addressing housing needs across the Kingdom. We value the confidence and cooperation of the Ministry of Housing and Urban Planning, along with our partner banks, whose contributions have been essential in ensuring financial resources are in place for the next phase of our housing initiatives.”
Amna bint Ahmed Al Rumaihi, Minister of Housing and Urban Planning and Chairperson of Eskan Bank’s Board of Directors, said that, “The signing of this financing syndication worth $663 million (BHD 250 million) reflects our active collaboration with the private sector to ensure the availability of flexible and sustainable financing solutions for citizens, in line with Ministry of Housing and Urban Planning and Eskan Bank programs aiming to achieve the objectives of the government’s Plan 2023-2026, as well as the projects and programs included in the State Budget for 2025-2026.”
The minister added that signing the financing syndication deal with the local, regional and international banks reflects Eskan Bank’s solid position in the financial markets and indicates the bank’s role in providing housing needs for citizens, especially with regard to the housing finance program, in which the Housing Bank has made significant contributions with the Ministry of Housing and Urban Planning, providing thousands of flexible and immediate housing services to citizens in recent years.
“Activating the financing syndication deal will further strengthen Eskan Bank’s capacity to implement housing programs and initiatives, accelerating the process of providing suitable houses for citizens.” Al Rumaihi added.
