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232 Bahrainis granted loans to start own businesses

The number of young entrepreneurs who were granted bank loans to start their own businesses in Bahrain increased by 84 per cent this year, it has been revealed.

Economic Development Board chief executive Shaikh Mohammed bin Isa Al Khalifa said 232 Bahrainis were granted loans by the Bahrain Development Bank (BDB) during the first 10 months of this year.

"This number represents 84 per cent more than the number of young entrepreneurs who received loans during the whole of last year," he said during a ceremony held at the Gulf Hotel's Gulf International Convention and Exhibition Centre, reports our sister publication Gulf Daily News.

Shaikh Mohammed praised the initiative taken by BDB in financially supporting young Bahrainis to start their own small and medium enterprises. He said the BDB support has enabled the Bahrain government to further diversify its economy.
The ceremony was jointly organised by the EDB and BDB to honour 15 entrepreneurs who launched successful business projects.

BDB chairman and Finance Ministry Under-Secretary Shaikh Ibrahim bin Khalifa Al Khalifa also spoke on the occasion.

It was attended by Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa, Unido Investment Technology and Promotion Office head Dr Hashim Hussein and BDB general manager Nedhal Al Aujan.

Projects sponsored by the BDB increased from 62 in 2002 to 135 during this year's first half, according to Shaikh Ibrahim. It is expected to rise to 280 by the year-end.
TradeArabia News Service


Blogger bizzwhizz said...

A commendable step, but then again I hope they selected businesses on merit and not 'wasta(connections)'. It is necessary for an economies sustainability to nurture and encourage SMEs.

11:40 AM  

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