Bahrain launches BD100m Liquidity Support Fund

In line with directives issued by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Premier, during the 2019 Government Forum, the Ministry of Finance and National Economy today launched a BD100 million Liquidity Support Fund.

The fund was launched in co-operation with the Ministry of Industry, Commerce and Tourism, Bahrain Chamber of Commerce and Industry, Tamkeen and a number of national banks.

During the launch, Finance Minister Shaikh Salman bin Khalifa Al Khalifa signed four agreements with National Bank of Bahrain chairman Farouk Yousuf Khalil Almoayyed, Bank of Bahrain and Kuwait chairman Murad Ali Murad, Bahrain Islamic Bank chairman Dr Essam Abdulla Yousif Fakhro and Bahrain Development Bank chairman Khalid Al Rumaihi.

The finance minister welcomed the swift cross-sector collaboration for the fund’s launch within two months of HRH the Crown Prince’s directives, noting that it is testament to the remarkable potential of Team Bahrain.

He added that the fund’s role is to support working capital requirements of viable companies that are in genuine short term liquidity pressures, noting that this will have long-term positive implications for private sector growth and ultimately the national development goals of His Majesty King Hamad.

Bahrain Chamber of Commerce and Industry (BCCI) chairman Sameer Abdulla Nass voiced pride in having a liquidity support fund worth BD100m and commended the efforts of the finance ministry, the BCCI, the national banks and other relevant bodies in structuring the fund. Mr Nass expressed confidence in the outcomes of the fund in empowering local businesses and invigorating the national economy, and commended all initiatives that aim at bolstering the national economy and spurring its development.

NBB chairman Mr Almoayyed said: “NBB is proud to be a strategic partner of the Government of Bahrain on this ambitious initiative spearheaded by His Royal Highness. We commit our on-going support to the fund’s mandate and will continue to take a proactive role to ensure the successful implementation of this scheme.”

BBK chairman Mr Murad commented: “We, at BBK, are proud to be amongst the leading banks in the kingdom to implement the directives of HRH the Crown Prince to support Bahrain’s economy and national growth through this Liquidity Support Fund. The scheme, with the efforts of all the stakeholders, will be of great support to the growth of the kingdom and its economy.”

BisB chairman Dr Fakhro said: “We are delighted to be playing an active role in this national initiative which will provide vital support to SMEs and Bahrain’s Economic Vision 2030.”

BDB Group’s chairman Mr Al Rumaihi, hailed the fund’s launch, saying: “The Liquidity Support Fund is a unique concept to support companies and SMEs in particular. SMEs are the backbone of the economy, generating employment opportunities and spurring overall demand. This focused approach to support SMEs is a model which I expect to be emulated elsewhere.”

Source: http://www.gdnonline.com/Details/692120

 

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