Bahrain launches BHD 100 million Liquidity Support Fund
Manama, Dec.11 (BNA): In line with directives issued by His Royal Highness the Crown Prince during the 2019 Government Forum, the Ministry of Finance and National Economy today launched a BHD 100 million Liquidity Support Fund.
The Fund was launched in cooperation with the Ministry of Industry, Commerce and Tourism, Bahrain Chamber of Commerce and Industry, Bahrain Labour Fund (Tamkeen) and a number of national banks.
During the launch, H.E. Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, signed 4 agreements with the Chairman of the National Bank of Bahrain, Mr Farouk Yousuf Khalil Almoayyed, the Chairman of the Bank of Bahrain and Kuwait, Mr Murad Ali Murad, the Chairman of the Bahrain Islamic Bank, Dr Essam Abdulla Yousif Fakhro, and the Chairman of the Bahrain Development Bank, Khalid Al Rumaihi.
The Minister of Finance and National Economy welcomed the swift cross-sector collaboration that has delivered the Fund's launch within two months of HRH the Crown Prince's directives, noting that it is testament to the remarkable potential of Team Bahrain.
The Minister added that the Fund's role is to support working capital requirements of viable companies that are in display of genuine short term liquidity pressures, noting that this will have long-term positive implications for private sector growth and ultimately the national development goals of His Majesty King Hamad.
His Excellency the Minister concluded by thanking all participants involved in the swift implementation of the Fund.
The Chairman of the Bahrain Chamber of Commerce and Industry (BCCI) Mr. Sameer Abdulla Nass voiced pride in having a liquidity support fund worth BD 100 million, which has been launched following the directives of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Premier. He also commended the efforts of the Ministry of Finance and National Economy; the Bahrain Chamber of Commerce and Industry; the national banks; and other relevant bodies in structuring the fund. Mr. Nass expressed confidence in the outcomes of the fund in empowering local businesses and invigorating the national economy, and commended all initiatives that aim at bolstering the national economy and spurring its development.
Mr Farouk Yousuf Khalil Almoayyed, Chairman of the National Bank of Bahrain, said: "NBB is proud to be a strategic partner of the Government of Bahrain on this ambitious initiative spearheaded by His Royal Highness. We commit our on-going support to the Fund's mandate and will continue to take a proactive role to ensure the successful implementation of this scheme."
Mr Murad Ali Murad, Chairman of BBK, commented: "We, at BBK, are proud to be amongst the leading Banks in the Kingdom to implement the directives of HRH Prince Salman Bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister, to support Bahrain's Economy and national growth through this Liquidity Support Fund. The scheme, with the efforts of all the stakeholders, will be of great support to the national growth of the Kingdom of Bahrain and its economy"
Dr Essam Abdulla Yousif Fakhro, Chairman of the Bahrain Islamic Bank, also said: "We are delighted to be playing an active role in this national initiative which will provide vital support to SMEs and Bahrain's Economic Vision 2030."
Bahrain Development Bank Group's Chairman, Khalid Al Rumaihi, hailed the Liquidity Support Fund's launch, saying: "The Liquidity Support Fund is a unique concept to support companies and SMEs in particular. SMEs are the backbone of the economy, generating employment opportunities and spurring overall demand. This focused approach to support SMEs is a model which I expect to be emulated elsewhere."
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