Tamkeen and the Bahrain Islamic Bank (BiSB) have signed an agreement to increase their enterprise financing portfolio by BHD10 million as part of the Enterprise Financing Scheme that Tamkeen offers in partnership with various partner banks in Bahrain to provide cost-effective financing solutions to Bahraini enterprises.

The agreement raises the value of the finance scheme between Tamkeen and the Bahrain Islamic Bank to BHD50 million, from which more than 200 enterprises have benefited to date. This brings the total value of the scheme to BHD366.5 million with over 7,000 enterprises benefiting overall.

Through the Enterprise Finance Scheme, Tamkeen supports 50% of the financing profit and guarantees 50% of the total financing amount. The aim is to help enterprises obtain the finance they need for growth and development and encourage banks and financial institutions to finance enterprises, especially SME's.

"The Enterprise Finance Scheme is one of Tamkeen's key programmes that played a positive and impactful role in bridging the financing gap for SMEs in Bahrain," Mohammed Bucheery, Executive Vice President for Private Sector Support at Tamkeen, said.

"The programme comes in line with the pillars of Tamkeen's strategy, which focuses on clients, quality, and results. It also underlines the role that SME's play in economic development."

"We are pleased to sign this agreement with Tamkeen. Our cooperation and partnership seek to help the largest possible number of SME's in Bahrain. We see this as a national duty because SME's play a main role in the growth of the Kingdom's economy and the creation of job opportunities for Bahraini individuals," Mohammed Hassan, Acting Chief Executive Officer of the Bahrain Islamic Bank, said.