Bahrain’s labor fund, Tamkeen, which has been one of the fundamental pillars of support for the country’s burgeoning startup ecosystem, has doubled down on its efforts to help out struggling entrepreneurs amid the COVID-included slowdown.
Following the directives of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister, Tamkeen has decided to increase the financial assistance to businesses dealing in sectors most severely hit by the pandemic.
The labor fund confirmed earlier this week that under this new initiative, the eligible startups will now receive 200% the amount they were previously receiving.
Tamkeen’s Business Continuity Support Program has so far played an instrumental role in the Kingdom’s broader objective of minimizing the impact of COVID-19 on the national economy. The program has been partially covering operational expenses of small and micro enterprises, while simultaneously assisting them in formulating a recovery plan during these challenging times.
“Tamkeen’s Business Continuity Support Program has expanded its scope from initially supporting small and micro enterprises to include taxicab drivers, public transport, and bus drivers, driving instructors and kindergarten and nursery workers, benefiting 15,600 companies and 900 Bahrainis to date,” it stated in a press briefing following the announcement.