Ebdaa Bank provides financial services to 7,218 beneficiaries

Al Ebdaa Bank For Microfinance provides financial services to 7,218 of beneficiaries in the low-income bracket; the bank has turned loses into profits with a capital of BHD 2,200,000 to be the First Microfinance Bank which has achieved profitable growth in the Gulf Cooperation Council (GCC) in 2016.
Commenting on the results, Chief Executive of Ebdaa Bank, Dr. Khaled Al Ghazzawi stated "Ebdaa began to implement the strategy of Arab Gulf Programme for Development (AGFUND) in the middle of 2014 and continued implementing this certified strategy until 2016". 
Dr. Al Ghazzawi revealed that the bank sets to open two additional branches this year in Muharraq and Sitra, bringing the number of branches in the Kingdom to five and expanding the targeted group.
"The global high level services will be preserved during 2017 despite the tough economic times, particularly the recent oil price slump, and despite the impact of Government Support for Expenditure Rationalization", he further added.
Ebdaa CEO stated that the Bank has succeeded at its goal of financing the beneficiaries over a short period and raised the level of the actual administrative services provided to fishermen and farmers in cooperation with Tamkeen (Labor Fund).
From his side, Dr. Al Ghazzawi commented: "We are committed to be a major contributor to support projects owned by Bahraini Citizens up to 100%. We are also determined to create a society in which women are active members in accordance with directives of the wise leadership, represented by the Wife of the King of Bahrain, President of the Supreme Council for Women, Her Royal Highness Princess Sabeeka bint Ibrahim Al Khalifa. It is noteworthy that 54% of the beneficiaries of Ebdaa Microfinance Bank are women. In the same context, Ebdaa Bank will be providing a Public Transport Vehicle (Bus) to the second patch of women beneficiaries of the Transportation Project "Tawseel", in cooperation with the Supreme Council for Women and the Tamkeen Fund.
On this occasion, Dr. Al-Ghazzawi stressed the importance of the efforts and dedications of Mrs. Mona Yousif Almoayyed, the Managing Director of Ebdaa, the Board of Directors and the Executive Management Staff in improving loans and collection quality and making the bank’s success story that it is today.

Source: BNA