Tamkeen, BDB increase "Tamweel" portfolio by BD 240 m

In continuation of the strategic partnership between the Labour Fund "Tamkeen" and the Bahrain Development Bank "BDB" and in line with their joint objectives, "Tamweel" portfolio has been increased by more than BD 21 million to reach more than BD 240 million, depending on the agreement held between the two parties "to provide Islamic financing for small and medium-sized enterprises and the emerging private sector".
This increase was a spontaneous result of the steady increase in the number of requests and the high demand this program witnessed. Both parties seek to meet private sector institutions’ needs by adding more comprehensive support to Bahraini entrepreneurs.
This funding program focuses on industrial, service, innovative projects which have economic feasibility an added value that targets to diversify and develop the national economy. 
"A continuous partnership under positive results"
Dr Ebrahim Mohammed Janahi, Chief Executive of Tamkeen commented: "This program, which forms part of Tamkeen’s commitment to providing Shari’a compliant financial solutions to local private enterprises for their establishment and growth, has proved very successful so far, resulting in the growth of around 6,000 businesses in the Kingdom, With this in mind we believe that expanding the program to over 240 million will continue to deliver positive results and drive the national economy forward in line with the Government’s Economic Vision 2030."
"A partnership of feasibility and seriousness"
CEO of the BDB Group Sattam Sulaiman Al Gosaibi, stated, "Our continuous collaboration with Tamkeen forms a strategic partnership that is both feasible and serious in devising specialized management and financing methods that support young people in managing successful projects which are able to enter the market and adapt to their requirements. Thus ensure continuity and survival of these projects, which are now the mainstay of the national economy of most countries of the world. This would definitely lead to an increase in added value and create more jobs, especially that our development goals - together with Tamkeen and in line with the kingdom’s economic vision 2030 - focuses on the importance of instilling self-employment concepts in the minds of young people in the prime of their lives grow up with them little by little to serve as a firm foundation for the success of leading them as keys of excellence". 
"More support ... more facilitation"
On the other hand, this increase in the size of the portfolio of this funding program is to achieve the full absorption of desires of all members of society without exception, and to attract the largest number of youth who have creative ideas, abroad vision of things and those who possess technical and intellectual skills as there is an instant need for the culture of self-reliance and initiative. The volume of funding disbursed by Tamkeen and BDB since the launch of the program in 2008 until the end of February 2017 has reached more than BD 200 million. Financing around 6,000 funding clearly demonstrates the effectiveness of this program and the importance of continuing work on its development to meet the various aspirations.

Source :BNA