Eskan Bank signs joint financing agreement worth BHD 250 million to support housing programmes

Manama, Eskan Bank signed a partnership agreement with the National Bank of Bahrain (NBB), Bahrain Islamic Bank (BisB), and the Kuwaiti Boubyan Bank Group. This partnership aims to provide joint financing of BHD 250 million to support and expand suitable housing programmes and options for Bahraini citizens. The initiative aligns with the unwavering efforts of the Ministry of Housing and Urban Planning to implement effective housing policies in line with the Government's wise vision of providing affordable housing in the Kingdom. The agreement was signed by Amna bint Ahmed Al Rumaihi, Minister of Housing and Urban Planning and Chairperson of the Board of Directors of Eskan Bank; Hala Yateem, Chairperson of National Bank of Bahrain (NBB); Zaid Khalid Abdulrahman, Chairman of Bahrain Islamic Bank (BisB); and Adel Al Majed, Vice Chairman of the Board and Chief Executive Officer of Boubyan Bank Group. Al Rumaihi noted that the signing of the joint financing agreement comes within the framework of the active an d ongoing partnership with the private sector to support efforts to provide flexible housing options and solutions for the largest possible number of citizens. This includes the housing finance programme, which has witnessed a significant growth in demand among Bahraini citizens, and other programmes and projects that the bank is actively pursuing to address the housing needs of citizens, in line with government directives in this regard, as outlined in the government's programme. The minister commended the participating banks for their active cooperation and contributions to the joint financing agreement. She commended their flexibility and efficiency throughout the process, from initial studies to final agreements, which has been instrumental in its successful completion. Al Rumaihi emphasised that this cooperation embodies the complementary relationship between all parties towards achieving the common goal of supporting the housing sector in the Kingdom. The minister highlighted that these constructiv e partnerships contribute to bolstering the Kingdom's national economy by providing the necessary support to complete development plans and projects. This positively impacts various sectors, particularly the banking, services, and real estate sectors, and meets the needs of citizens. Usman Ahmed, Group CEO of National Bank of Bahrain, expressed pride in supporting the initiative aimed at improving housing access and contributing to Bahrain's social and economic development. He emphasised that this partnership reinforces NBB's commitment to sustainable development and national objectives, while enabling Eskan Bank to address the growing housing demand and enhance financial capacity to support the Kingdom's housing projects. Abdullah Talib, General Manager of Eskan Bank, said that this agreement represents a valuable extension to the ongoing efforts aimed to provide citizens with affordable housing solutions. He added that this strategic cooperation with banks allows Eskan Bank to achieve its aspired goals an d continue supporting the housing needs of Bahraini citizens. Fatema Al Alawi, Acting Chief Executive Officer of Bahrain Islamic Bank (BisB), expressed the bank's honour in partnering with Eskan Bank to finance housing initiatives. She highlighted that this collaboration aligns with BisB's commitment to supporting community-focused projects and providing essential housing solutions for Bahraini citizens, contributing to the Kingdom's sustainable development goals. Adel Al Majed, Vice-Chairman and Group Chief Executive Officer of Boubyan Bank, expressed pride in the bank's participation in this strategic collaboration, emphasising its potential to significantly impact Bahrain's housing sector. He noted Boubyan Bank's dedication to providing innovative, diverse, and efficient financing solutions, recognising the critical role the banking sector plays in supporting developmental and infrastructure projects. Al Majed highlighted that this reflects Boubyan Bank's broader commitment to sustainable initiatives bot h in Kuwait and across the region. Source: Bahrain News Agency