BBK, Bahrain's pioneer in retail and commercial banking, has signed an agreement with Tamkeen to boost their strategic relationship in order to support the Kingdom's private sector institutions.
The agreement seeks to facilitate access for enterprises to multiple financing solutions that aims to cater to different market segments, being startups or mature businesses. Productivity enhancement, revival of business operations, expansion whether locally or overseas, adoption of digital solutions and other areas are the core objectives intended to be met by means of this financing arrangement, which should create new job opportunities in the local market and ultimately contribute to the overall growth of the Kingdom's GDP.
On this occasion, Mr. Ahmed Taqi, General Manager of Corporate Banking at BBK said: "We are proud to have served the private sector in Bahrain within the past fifty years and will continue doing so through this newly signed partnership with Tamkeen. We are keen to align our sustainability goals with the directives of the Kingdom's wise leadership, the country's recovery plan and Bahrain Vision 2030, whereby the private sector is the key driver to the country's growth and prosperity."
He added: "Our collaboration with Tamkeen aims to ensure that Bahraini private sector institutions receive the necessary funding to stimulate economic activity, as well as to encourage entrepreneurs, businessmen, and investors to start new projects and expand their businesses to achieve their development objectives. In this regard, we are pleased to participate in a number of initiatives with Tamkeen that will have a greater impact on the national economy".
Mr. Ahmed noted that this partnership comes at a critical stage in Bahrain's recovery from the effects of the COVID-19 pandemic and will help revive the economy to reach higher growth rates. He stated that by injecting more funding into private sector institutions, particularly Small and Medium Enterprises, the national economy will recover faster and support the process of development and national prosperity.