The Bahrain Association of Banks (BAB) organized a meeting that brought together banks and the Labour Fund “Tamkeen” with the aim of acquainting banks with novel support initiatives for employment, career advancement, and institutional assistance.
The meeting served as a platform to deliberate on strategies to streamline access to essential financing for startups and SMEs. The objective was to bolster their sustainability, expand operational scope, boost job creation, contribute to GDP, and foster the overall development of the national economy. The discussions also encompassed potential avenues for collaboration between Bahraini banks and Tamkeen in the fields of economic, banking, and developmental initiatives.
Within the meeting, Tamkeen presented an overview of its recently launched suite of programs designed in response to evolving market dynamics and needs. These programs aimed to fortify the growth of the national economy. Additionally, Tamkeen outlined several solutions that institutions could leverage to secure financing under favorable terms, thereby supporting their business endeavors.
The meeting underscored the enduring commitment of banks to leverage Tamkeen’s programs and broaden their financial offerings through initiatives supporting commercial activities. This commitment aligns with the fervor of Bahraini banks to propel economic development within the Kingdom of Bahrain. It reflects their belief in the pivotal role played by these institutions in driving the economic and financial cycles on a national scale.
Dr. Waheed Al Qassim, CEO of the Bahrain Association of Banks, emphasized the significance of the association-organized meeting in apprising Bahraini banks about the new programs introduced by “Tamkeen” and familiarizing them with the proposed plans and directions for the upcoming year. He stressed the necessity of concerted efforts between “Tamkeen” and the banking sector, advocating for the formulation of an effective strategy that ensures ongoing support for institutions and reinforces the stability of the financial and economic sector in Bahrain. This collaboration is crucial for active participation with all stakeholders, contributing to the success and enrichment of Tamkeen’s programs.
Dr. Al Qassim highlighted that the support extended by banks plays a pivotal role in sustaining Tamkeen’s programs, aligning with the objectives outlined in the Financial Services Development Sector Strategy 2022-2026. This strategy includes performance indicators that emphasize increasing the share of financing for SMEs. Dr. Al Qassim pointed out the significant role of these programs in accelerating growth, fostering prosperity in sectors, enhancing productivity and exports, and generating substantial economic impact.
