Business

UAB and Ebdaa Bahrain Raise Arab Microfinance Standards

by: BTM - Sat, 02 Mar 2024

Ebdaa Bahrain Microfinance Company and the Union of Arab Banks (UAB) sign memorandum of understanding encompassing an executive programme to advance the microfinance sector across the Arab world.

The primary objectives include expanding access to microfinance in various Arab countries, catering to a broader spectrum of individuals seeking microloans for startup initiatives, and contributing to job creation and advancing economic development in the Arab region.

UAB Secretary-General, Dr. Wissam Fattouh, comments: “We are eager to leverage the extensive experience accumulated by Ebdaa over 12 years in this crucial field. This partnership offers us an opportunity to delve into the successful experience of the microfinance industry in Bahrain and understand how it can significantly contribute to promoting financial inclusion and reaching diverse segments within various Arab societies.”

Ebdaa Microfinance Company in Bahrain CEO, Dr. Khaled Al-Ghazzawi, adds: “The commitment to activating the provisions outlined in the MoU, considering it a foundational cornerstone from which both parties can build and enhance our collaborative efforts. The focus will be on exchanging expertise, and best practices related to microfinance, particularly given the escalating demand for this form of financing.