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FINANCIAL NEWS
Bahrain’s Tamkeen injects USD360m into local SMEs
23 Sep 2012
(MENAFN) Bahrain’s Tamkeen said it has financed around 4,200 small and medium-sized businesses in the Gulf kingdom in the first half of the year, Arabian Business reported.
The semi-autonomous authority said the funding size reached USD360 million by June-end, out of a total fund of USD495.5 million available.
The funding has been handed through various Shariah compliant financing solutions, to enable Bahraini enterprises to acquire the capital they need for growth and expansion, Tamkeen added.
The SMEs benefiting from the programme included over 1,000 startups and 700 micro enterprises, Tamkeen indicated.
32 percent of the funding was directed to wholesale and retail trade businesses, while 21 percent went to construction firms.
From the beginning of the year until June, the total number of beneficiaries has increased by approximately 25 percent, Tamkeen said.
Tamkeen, founded in 2006, offers the financing schemes in cooperation with nine local banks as part of Bahrain’s national reform initiatives and Bahrain Economic Vision 2030.
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