MANAMA: The Bahrain Society for Small and Medium Sized Enterprises Development (BDSMEs) has expressed interest in creating and operating an incubator at the Arab Open University in collaboration with Ebdaa Microfinance Company, both of which are affiliated with the Arab Gulf Programme for Development (AGFUND).
This follows a visit by AGFUND chairman Prince Abdulaziz bin Talal Al Saud to BDSMEs where the society’s chairman Ahmed Al Saloom said the incubator would benefit students enabling them to transform ideas into economic projects.
A memorandum of understanding (MoU) will also be signed between the two parties to provide the opportunity for Ebdaa clients, entrepreneurs, and microenterprises to benefit from the services of BDSMEs.
Additionally, it would allow Bahraini project owners to benefit from the company’s soft loans.
The MoU will also entail Ebdaa staff making periodic visits to the incubator to familiarise business owners with the bank’s lending programmes.
The two parties also agreed to exchange more visits, including an upcoming visit to Riyadh by Mr Al Saloom, to see AGFUND’s mechanism of work and its various initiatives, and the possibility of developing joint co-operation.
“The society and AGFUND will work together in the coming months to formalise this collaboration in a work programme that includes a timetable for implementation, mutual visits, and opportunities to learn more about shared experiences. We are keen to make this collaboration a model for supporting the Arabian Gulf and region’s SMEs sector,” Mr Al Saloom added.
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