Bahrain’s labour fund Tamkeen and the Bahrain Islamic Bank (BisB) have signed an deal to increase their enterprise financing portfolio by BD10 million ($26.3 million) as part of the Enterprise Financing Scheme.

Tamkeen is offering the scheme in partnership with various banks to provide cost-effective financing solutions to enterprises, said a report in the Gulf Daily News (GDN), our sister publication.

The agreement raises the value of the finance scheme between Tamkeen and BisB to BD50 million, from which more than 200 enterprises have benefited to date. This brings the total value of the scheme to BD366.5 million with more than 7,000 enterprises benefiting.

Through the Enterprise Finance Scheme, Tamkeen supports 50 per cent of the financing profit and guarantees 50 per cent 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 SMEs. - TradeArabia News Service