MANAMA: The financing and development of small and medium enterprises (SMEs) in Bahrain came under the spotlight at an international meeting in Dubai.
The Bahrain Development Bank (BDB) participated in the Middle East and North Africa (Mena) - Organisation for Economic Co-operation and Development (OECD) Enterprising Financing Network meeting.
The BDB made a presentation on the strategy adopted by the bank for SME financing and development in Bahrain.
The meeting was held under the patronage of UAE Economy Minister Shaikha Lubna bint Khalid Al Qassimi.
Besides a BDB representative, the Bahrain delegation also included officials from the United Nations Industrial Development Organisation (Unido) and some successful Bahraini entrepreneurs financed and developed by the BDB.
The entrepreneurs were supported as part of the BDB's package approach to SME development in Bahrain.
The delegation's visit was co-sponsored by the BDB.
The Mena-OECD Enterprise Financing Network is an initiative of the Mena-OECD Investment Programme, which aims at improving access to finance for entrepreneurs in the region by establishing networks from the region and OECD countries.
The meeting was aimed at strengthening the initiative's reach and broaden its base.
It was attended by experts from OECD, entrepreneurs, business houses, venture capital and private equity firms, investment promotion agencies, banks and financial institutions and representatives from science and research networks.
The discussion covered topics relating to; commercialising innovation and funding entrepreneurs, forms and structures of entrepreneurial ventures, linking innovative entrepreneurs with smart capital, the action plan for the network and creation of steering board for the network.
The presentations made by Bahrain highlighted the role played and the success achieved by the SME development package in the country.
The success of the project over the last five years prompted many other countries to adopt the Bahrain Model.
The package approach targets nurturing the budding entrepreneurs for the creation of sustainable SMEs.
The BDB presentation, made by its business advisor Raman Jaggi, demonstrated the phenomenal growth achieved by the bank in its SME support operations over the last five years.
The programme has contribution to the creation of an entrepreneurial culture in the society, he noted.
One of the entrepreneurial success stories presented in the meeting was that of Huda Janahi of Global Cargo and Travelers Services, who has earlier been conferred upon the Investor of the Year Award 2006 under the Young Innovative Entrepreneur category by the OECD.
