The Bahrain Association of Banks (BAB) has explored collaborative approaches to boost financing modes for small and medium enterprises (SMEs) in Bahrain. 

 

For this BAB organised a meeting with various banking and financial institutions, the Ministry of Commerce and Industry, and representatives from entities such as SMEs Development Board, the Labour Fund "Tamkeen," Export Bahrain, and the Bahrain Insurance Society. 

 

Participants discussed potential economic, banking and developmental opportunities, aiming to create partnerships between Bahraini banks and organisations dedicated to supporting and nurturing SMEs.

 

Crucial partners

This meeting was part of the strategic efforts undertaken by Bahraini banks, positioning them as crucial partners in financing SMEs in alignment with Bahrain's 2022-2026 strategy for developing the financial services sector. 

 

It also adhered to the directives and circulars issued by the Central Bank of Bahrain, following the national guidelines aimed at establishing necessary frameworks. 

 

Dr Waheed Al Qassim, the CEO of BAB, emphasised the importance of aligning government actions with BAB's initiatives to support SMEs. This alignment involves simplifying the financing processes for these enterprises and bolstering their capacity to boost commercial activities in Bahrain. 

 

He underscored that strengthening collaboration between government bodies and financial institutions is pivotal in realising the association's primary objectives, in harmony with the strategy aimed at advancing the financial services sector.

 

National priorities

In response, representatives from government entities participating in the meeting affirmed their commitment to supporting BAB's endeavours in accordance with national priorities. 

 

These efforts are geared towards establishing Bahrain as a prominent hub for startups and small and medium enterprises. This involves creating an environment conducive to their growth and success by streamlining establishment procedures and providing a regulatory framework that encourages entrepreneurship and innovation across various sectors.--TradeArabia News Service