56 June 2013 www.bahrainthismonth.com Since its establishment in 1992, the brief of the Bahrain Development Bank (BDB) has been to assist the self-employment of Bahrainis, helping them to attain career-oriented goals through financial and business advisory services. The bank prides itself in promoting innovation in Bahrain, in line with Vision 2030. With an authorised share capital of BD100 million, and a paid-up capital of BD65 million, 89.7 per cent of BDB is owned by the Ministry of Finance, and the remainder is held by the Social Insurance Fund. Start-up support In its bid to help accelerate the development of start-up and fledgling companies, and to provide them space and support services, the bank established the Bahrain Business Incubator Centre (BBIC) in 2001, and increasing the capacity in recent years. It has also set up an industrial park. Currently, the BBIC serves over 141 tenants. Towards the end of last year, BDB invested in the building of a Women’s Incubator Centre (WIC), which houses more than 60 units. More than 88 per cent of these have since been occupied or booked. The bank also provides assistance to the business incubator on the campus of the University of Bahrain. In collaboration with Tamkeen, BDB offers pre-seed capital grants to Bahraini innovators and extends feasibility study grants to promoters of new and innovative enterprises. Lending platform BDB advances short-, medium- and long-term loans, using both conventional and Islamic models, for developing private sector industries and businesses. The funds are provided for project finance, working capital, premises and for procuring plant and machinery. The bank participates in equity funding, especially in new companies being set up in approved sectors. It has invested in the venture capital fund set up by Bahrainbased Venture Capital Bank for funding small- and mediumsized enterprises (SMEs) in Bahrain. By the end of March 2013, the accumulated project loan approvals exceeded BD407 million and covered 10,269 transactions. Out of these, BD124.4 million was approved for start-ups and other projects by 5,973 Bahraini entrepreneurs, including youth and women. Grooming businesses Since 2000, BDB, along with the United Nations Industrial Development Organisation (UNIDO) in Bahrain and the Ministry of Industry and Commerce, has conducted entrepreneurial development training programs for Bahraini youth and women interested in setting up their own businesses. It additionally assists potential entrepreneurs in conducting feasibility studies, preparing business plans and approaching BDB or other banks for financial assistance. One of the bank’s subsidiaries, the Bahrain Institute of Entrepreneurship and Technology, provides high quality entrepreneurship and educational services in the IT field as well. simi kamboj Encouraging the growth of Bahraini entrepreneurship and supporting small and medium enterprises has been the long-standing mission of Bahrain Development Bank. spotlightthismonth Nurturing Enterprise
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