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Tue, 06 Jan 2009 | 08:52 GMT

LF mandates D&B to boost SMEs

Bahrain Tribune
 
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20 August 2008
The Labour Fund has mandated D&B research and advisory services to develop a customised business scoring model in order to streamline financing support for small and medium enterprises (SMEs) development in Bahrain.The scoring model will also enable SMEs to identify growth opportunities and utilise feedback for improved business performance.

The move is part of Bahrain's diversification strategy focused on the sustainable development of the economy through creation of a business environment which encourages the private sector to produce and improve competitive advantages, encourage exports, provide value-added employment and enhance integration into the regional and global economy.

The establishment of a strong and vibrant SME (small and medium enterprises) segment will greatly benefit Bahrain through contributions in different areas of the economy. D&B has also been mandated to conduct a detailed study of the SME sector in Bahrain. The objective of the study is to identify various challenges faced by Bahraini entrepreneurs in creating new businesses and in sustaining and growing businesses. Labour Fund will utilise the outcomes of this study to further strengthen its development programmes for SMEs and private sector support.

Dr Nasser Qaedi, Head of Planning & Development at the Labour Fund,  highlighted the importance of this project and partnership with D&B as part of the fund's ongoing drive to strengthen and enhance the growth of SMEs. "The outcome of this study will add a great deal of value to our overall attention to SME development and assist us in effectively streamlining our financing projects and other related programmes to meet their needs and requirements. Utilising a comprehensive strategically defined approach, we are confident that this study will compliment our efforts to reinforce the role of SMEs and more effectively identify opportunities to support the capital requirements of businesses and encourage enterprise development across target sectors," said Dr Qaedi.

"Research has shown that easy availability of financing has been a key factor in development of the SME sector across the globe.  This assignment will help Labour Fund strengthen various financing programmes for SMEs and also to identify solutions for various other challenges faced by Bahraini entrepreneurs. Dun & Bradstreet (D&B) is excited to be supporting Labour Fund in these SME development initiatives," said Tatjana Marinko, Director D&B Research & Advisory Services.

© Bahrain Tribune 2008

 
 
 
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