In a bid to enhance financing opportunities for small and medium enterprises (SMEs) in Bahrain, the Bahrain Association of Banks (BAB) orchestrated a collaborative meeting with significant stakeholders, including various banking and financial institutions, the Ministry of Commerce and Industry, and representatives from critical entities like the SMEs Development Board, the Labour Fund “Tamkeen,” Export Bahrain, and the Bahrain Insurance Society.
During the meeting, the attendees delved into potential economic, banking, and developmental prospects, aiming to establish partnerships between Bahraini banks and organizations dedicated to fostering the growth of SMEs. This concerted effort falls in line with Bahrain’s 2022-2026 strategy for advancing the financial services sector, as well as the directives and circulars issued by the Central Bank of Bahrain, aligning with national guidelines for creating essential frameworks.
Dr. Waheed Al Qassim, the CEO of BAB, emphasized the need for synchronizing governmental efforts with BAB’s initiatives to bolster SMEs. This includes simplifying financing procedures for these enterprises and enhancing their capacity to drive commercial activities in Bahrain. He highlighted the significance of strengthening cooperation between government bodies and financial institutions to achieve BAB’s primary objectives in line with the strategy aimed at advancing the financial services sector.
In response, representatives from participating government entities reiterated their dedication to backing BAB’s initiatives, aligning with national priorities aimed at positioning Bahrain as a leading center for startups and SMEs. This holistic approach seeks to cultivate an encouraging environment for their development and triumph, simplifying establishment procedures and creating a regulatory framework that encourages entrepreneurship and innovation across multiple sectors.