The Bahrain Affiliation of Banks (BAB) recently convened a gathering, uniting banks and Work Finance “Tamkeen,” to introduce new support initiatives for business, career advancement, and regulatory assistance.
The assembly served as a stage to consider techniques to streamline basic financing for new companies and SMEs. The objective was to enhance supportability, broaden operational scope, stimulate job creation, bolster GDP, and foster overall economic development. The discussions also covered potential avenues for collaboration between Bahraini banks and Tamkeen in financial, banking, and developmental activities.
During the assembly, Tamkeen showcased its recently launched suite of programs tailored to respond to evolving market dynamics and requirements. These programs aim to bolster the development of the national economy. Additionally, Tamkeen outlined several strategies that businesses can utilize to secure financing on favorable terms, thereby supporting their commercial endeavors.
Bahrain Banks Align with Tamkeen for Economic Development
The assembly highlighted banks’ enduring commitment to utilize Tamkeen’s programs and expand their financial services by backing commercial activities. Moreover, they aim to broaden their offerings through supportive initiatives. A commitment in this direction aligns with Bahraini banks’ desire to move financial improvement within the country. Their conviction reflects the significant role that educated individuals play in driving national economic and monetary cycles.
As CEO of the Bahrain Affiliation of Banks, Dr. Waheed Al Qassim emphasized the significance of advising Bahraini banks about the unused programs offered by “Tamkeen.” He stressed the need for familiarizing them with proposed plans and directions for the coming year. Dr. Al Qassim focused on the necessity of concerted efforts between “Tamkeen” and the banking sector. He highlighted the significance of supporting the formulation of a viable strategy. This strategy ensures continuous support for education and strengthens the stability of Bahrain’s financial sector. This collaboration is vital for dynamic cooperation with all partners, contributing to the victory and improvement of Tamkeen’s programs.
Dr. Al Qassim highlighted that the bolster amplified by banks plays an essential part in supporting Tamkeen’s programs, adjusting with the destinations sketched out within the Budgetary Administrations Improvement Division Technique 2022-2026. This methodology incorporates execution markers that emphasize expanding the share of financing for SMEs and Tamkeen SME funding. Dr. Al Qassim pointed out the critical part of these programs in quickening development, cultivating thriving in divisions, improving efficiency and sends out, and creating significant financial effects.