According to Bahraini officials, the Nibrass scheme launched by Tamkeen (Labour Fund) in partnership with the Shamil Bank has proved highly successful in promoting the growth of small and medium enterprises (SMEs) in the country. The joint initiative between Tamkeen (Labour Fund) and Shamil Bank has been vital for promoting diverse sectors like retail, tourism, construction, manufacturing, education and transportation. The finance for the growth of these sectors was made available as a part of the BD 12.5 million Nibrass scheme.
The 3-year Nibrass scheme was introduced last year in Bahrain to support the growth and expansion plans of SMEs by providing them financing packages between BD 10,000 and BD 100,000. The scheme provided funds with the lowest profit rates ever made available to small businesses by banks in Bahrain. As per Tamkeen officials, the Nibrass financing scheme has offered a much-needed impetus to local business community planning to enter new territories and expand their product offering.
Tamkeen (Labour Fund) and Shamil Bank, a leading Bahrain-based Islamic commercial and investment bank, have earlier provided funds worth more than BD 9.3 million to nearly 192 SMEs in Bahrain.
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