Small Industries Development Bank of India (Sidbi) and Bahrain Development Bank (BDB) on Wednesday signed an MoU with to facilitate more tie-ups between Indian micro, small and medium enterprises with their counterparts in Bahrain.
The pact will also enable them to expand their business to Bahrain. The MoU was signed by Ahmed bin Mohamed, minister of finance, Bahrain and N K Maini, deputy MD, In-charge, Sidbi, in the presence of King Hamad Bin Isa Al-Khalifa of the Kingdom of Bahrain, who is on a state visit to India. A high-level business delegation from Bahrain was also present on the occasion.
As per the MoU, Sidbi would provide technical assistance / facilitate activities of BDB Group in risk management and credit appraisal, training of BDB Group officials in SME credit risk appraisal and related areas, in framing a suitable monitoring policy and NPA management system and in exploring tie ups between MSMEs from India and Bahrain.
There are around 4 lakh Indian expatriates in Bahrain, constituting over one third of that country’s population. The bilateral trade between the two in 2011-12 exceeded $1.3 billion, while in the current financial year (April-Dec 2013), the total trade was $1.09 billion.
The cumulative investments from Bahrain to India between April 2000 to December 2012 was $28.66 million.
