In partnership with Ithmaar Bank, Tamkeen launched “Tamweel Plus (Tamweel+)” financing scheme, with a cumulative portfolio of BHD 20 million.
The scheme, which offers financing at a competitive profit rate, aims to support medium-sized and large enterprises to help them innovate, expand and diversify.
The scheme offers financing within the range of BHD 1 million to a maximum of BHD 2.5 million, Tamkeen subsidises 70 percent of the annual rate of profit, which is capped at 8 percent on the reducing balance. With a repayment period of up to 10 years. Enterprises may use the financing for investment, expansion or business diversification.
Tamkeen Chief Executive, Dr. Ebrahim Mohammed Janahi said: “We are pleased with our partnership with Ithmaar Bank as we work together to tailor various financing solutions aimed at supporting the growth and development of the private sector’s enterprises in the Bahraini labour market.” He also added “Tamweel+” is a real opportunity for enterprises seeking global expansion through the financing amounts that could reach up to BHD 2.5 million.”
Since its launch in 2007, Tamkeen’s Enterprise Finance Scheme provided over 7,000 businesses with more than BHD 440 million, in partnership with Bahrain Development Bank, Bahrain Islamic Bank, Ithmaar Bank, Al Baraka Islamic Bank, BMI Bank, Kuwait Finance House, Gulf Commercial Bank, Al Salam Bank Bahrain, and Standard Chartered Bank.
The majority of financing applications were submitted by retail and wholesale enterprises, followed by services, contracting, and construction sectors, respectively.
Tamkeen aims to attract more banks in order to offer additional financing solutions for the private sector, supporting Bahrain’s economic development.