Mastercard, Tamkeen to launch new SME initiative in Bahrain
The Mastercard Center for Inclusive Growth and Bahrain's Labour Fund (Tamkeen) has announced a landmark strategic partnership to explore projects that promote financial and digital readiness for Small and Medium Enterprises (SMEs) in Bahrain.
The partnership will bring the centre's flagship small business programme, Mastercard Strive, to Bahrain so SMEs can operate more efficiently through financial and digital tools, said a statement.
A first of its kind, the partnership aims to create a scalable model of collaboration between the kingdom and the centre to drive inclusive economic growth in the country, empower local small businesses and entrepreneurs, and strengthen the Kingdom's private sector as a key driver of national development.
This partnership marks a significant step in the region, as Bahrain will house the first Mastercard Strive Project in the Middle East. Through the partnership, both organisations will enhance the robust network and ecosystem of resources to drive impactful change and support for SMEs while helping foster and create financial and digital resilience and economic opportunity in the region.
Commenting on this announcement during his attendance and keynote address at the Global Inclusive Growth Summit (GIGS), Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, emphasised the importance of empowering SMEs with the tools and opportunities required to grow and thrive due to their active role in the national economy.
He stated: 'The Kingdom of Bahrain has always prioritised fostering a supportive environment that enables SMEs to succeed and grow as they continue to play a pivotal role in the economy. This partnership with Mastercard will pave the way for SMEs in Bahrain to utilise financial and digital tools to enhance their operations and improve their productivity.'
He added that this partnership aligns with the directives of Shaikh Isa bin Salman bin Hamad Al Khalifa, Chairman of the Board of Trustees of the Isa bin Salman Educational Charitable Trust and Chairman of the Board of Directors of the Labour Fund (Tamkeen), to approve a number of initiatives and updates to support programmes. These initiatives include the launch of a first-of-its-kind package to train 50,000 Bahrainis in artificial intelligence skills by 2030, contributing to the strategic priorities for empowerment this year, which aim to enhance the position and competitiveness of Bahraini citizens in the private sector, providing them with the appropriate skills for career development.
Additionally, he noted that this partnership reflects the commitment to it prioritising growth, digitisation, and sustainability of institutions, while supporting the ecosystem to enhance the effectiveness of the labour market and the private sector, thereby contributing to positive economic impact and sustainable development.
Maha Abdulhameed Mofeez, Chief Executive of the Labour Fund (Tamkeen), welcomed the partnership as a pivotal step towards empowering SMEs in Bahrain to leverage financial and digital tools to accelerate their growth and competitiveness.
She stated: 'We are happy to partner with Mastercard to fulfill one of our key objectives to support SMEs in Bahrain. The solutions offered by Mastercard Strive will provide SMEs in Bahrain with the opportunity to embrace digital transformation and future-proof their businesses with specialised guidance and expertise aimed at helping them reach their full potential.'
This initiative comes in line with Tamkeen's strategic priorities for 2025, which focus on strengthening the competitiveness of Bahrainis in the private sector, equipping the national workforce with future-ready skills, advancing enterprise growth and digitalisation, and fostering a sustainable ecosystem that support both the labor market and private sector expansion. – TradeArabia News Service
Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
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