Bayt Al Usra Microfinance House and Bahrain’s Labour Fund, Tamkeen, have renewed their cooperation agreement to expand financing support for small, micro and home-based businesses.
The partnership, which began in 2011, has supported more than 6,500 micro-enterprises through several financing categories, according to the announcement. The renewed agreement is intended to help businesses strengthen operations, expand and access additional financing under approved terms and conditions.
The updated cooperation framework covers the policies and procedures for providing easier financing, as well as the submission, assessment and approval of applications. It also sets out repayment and rescheduling mechanisms designed to reflect beneficiaries’ needs and business circumstances.
The agreement was signed in the presence of Osama bin Saleh Al Alawi, Bahrain’s Minister of Social Development and chairman of Bayt Al Usra, Maha Abdulhameed Mofeez, CEO of Tamkeen, and Adel Abdulmalek, CEO of Bayt Al Usra and board member.
Tamkeen said the partnership supports the growth and competitiveness of Bahraini businesses by providing more flexible financing solutions across different stages of development.
Source: Al Ayam
