Kanoo emphasized that Bahrain’s banking sector is a strategic partner in supporting the national economy. He commended the role of NBB as one of the Kingdom’s longstanding national banking institutions and its contributions to supporting the business community and economic development.
He noted that SMEs are a key pillar of the national economy and that ensuring their sustainability requires coordinated efforts with financial institutions. This includes exploring flexible financing solutions that consider the circumstances of businesses facing temporary liquidity pressures, helping them meet their obligations and maintain their economic activities.
In this regard, Kanoo highlighted that the Bahrain Chamber’s SME Support and Members’ Complaints Department is developing training and awareness programs for business owners, focusing on effective capital and cash flow management, sound financial planning, and the adoption of good governance and management practices. These initiatives aim to enhance businesses’ financial and operational efficiency, strengthen their resilience in addressing challenges, and support their long-term sustainability.
He stressed the Chamber’s commitment to strengthening communication between the business community and banking institutions, conveying the needs of the private sector, and developing joint initiatives to support SME continuity and preserve their role in stimulating markets and creating employment opportunities.
For her part, Hala Ali Yateem, affirmed the Bank’s understanding of the challenges facing private sector businesses amid changing economic conditions. She highlighted the importance of continued cooperation with the Bahrain Chamber and exploring appropriate solutions to support the business community within the applicable banking frameworks.
Both parties emphasized the importance of continued coordination to develop initiatives that strengthen businesses’ financial stability and operational sustainability, thereby enhancing private sector competitiveness and supporting economic growth in the Kingdom of Bahrain.
