Tamkeen Announces Strategic Partnership with Bank of Bahrain and Kuwait to provide Financing that Facilitates growth and development for Enterprises
The Labour Fund (Tamkeen) signed a new strategic partnership agreement with the Bank of Bahrain and Kuwait (BBK) in line with the new support programs. The agreement comes as an addition to strategic partnership agreements announced over the past 2 months with several key financial services providers in Bahrain for the purpose of providing 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.
On this occasion, H.E. Husain Mohamed Rajab, Chief Executive of Tamkeen welcomed this collaboration with the Bank of Bahrain and Kuwait, and said: “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”. He added: “We welcome the Bank of Bahrain and Kuwait as a strategic partner for the first time in Tamkeen’s enterprise support programs, and we look forward to seeing the impact of this partnership in driving development and growth for enterprises across all sectors.”
Tamkeen recently established a series of strategic partnerships with various key players in the ecosystem to provide the necessary support to private sector enterprises. 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 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 greater impact for the national economy in response to market needs. Tamkeen’s programs were developed following a series of consultation sessions with representatives from all sectors and thus cater to the market requirements. The programs are proactive, objective-based, and impact-driven, offering holistic support that meets the enterprise and individual development needs in any stage of their growth journey. Strategic partnerships like the partnership with BBK will provide support to enterprises through some of the recently announced programs, including Start Your Business, Business Growth, Go Digital, and others.