Bahrain’s Eskan Bank announced the successful conclusion of a financing syndication deal worth BHD 250 million, secured in collaboration with leading local, regional, and international banks. The agreement aims at providing the necessary resources to support Bahrain’s housing programmes and projects from 2023-2026.
The financing will be coordinated by the National Bank of Bahrain (NBB) with Bahrain Islamic Bank (BisB) – acting as an agent bank and comprises two tranches.
The first will be financed by the National Bank of Bahrain (NBB), in cooperation with Standard Chartered, Boubyan Bank, and Warba Bank.
This facility includes participation from Gulf International Bank (GIB), The Housing Bank for Trade and Finance and Habib Bank Limited (HBL).
The second tranche is financed by the National Bank of Bahrain (NBB), Bahrain Islamic Bank (BisB), and Al Baraka Islamic Bank.
Amna bint Ahmed Al Rumaihi, Minister of Housing and Urban Planning and Chairperson of Eskan Bank’s Board of Directors, said: “The signing of this financing syndication worth BHD 250 million reflects our active collaboration with the private sector to ensure the availability of flexible and sustainable financing solutions for citizens, in line with Ministry of Housing and Urban Planning and Eskan Bank programmes aiming to achieve the objectives of the government’s Plan 2023-2026, as well as the projects and programmes included in the State Budget for 2025-2026.”
The minister added that signing the financing syndication deal with the local, regional and international banks reflects Eskan Bank’s solid position in the financial markets and indicates the bank’s role in providing housing needs for citizens, especially with regard to the housing finance programme, in which the Housing Bank has made significant contributions with the Ministry of Housing and Urban Planning, providing thousands of flexible and immediate housing services to citizens in recent years. She stressed that activating the financing syndication deal will further strengthen Eskan Banks; capacity to implement housing programmes and initiatives, accelerating the process of providing suitable houses for citizens.
Abdulla Taleb, General Manager of Eskan Bank, added: “This agreement represents a vital step in enabling Eskan Bank to continue fulfilling its mission of addressing housing needs across the Kingdom. We value the confidence and cooperation of the Ministry of Housing and Urban Planning, along with our partner banks, whose contributions have been essential in ensuring financial resources are in place for the next phase of our housing initiatives.”
On the signing of this agreement, Usman Ahmed, Group Chief Executive Officer of National Bank of Bahrain (NBB), commented: “We are proud to be part of this significant collaboration as the sole coordinator and one of the lead arrangers; this landmark financing will positively impact the housing sector and contribute to Bahrain’s social and economic development, and is in line with NBB’s commitment to national priorities and sustainable development goals.”
Fatema AlAlawi, Chief Executive Officer of Bahrain Islamic Bank (BisB), commented: “BisB as the agent bank is proud to be part of this strategic agreement, which reflects our ongoing commitment to supporting national housing initiatives that directly benefit Bahraini citizens. This collaboration is in line with the directives of the Kingdom’s wise leadership and reinforces our dedication to contributing to the sustainable development goals of the Kingdom of Bahrain.”
Dr. Boutros Klink, CEO Standard Chartered Bahrain, said: “Standard Chartered is delighted to support Eskan Bank’s financing objectives with our international expertise and regional capabilities. We have been present in Bahrain for over 100 years, so it was only natural that we play a role in this agreement, which highlights our longstanding commitment to supporting Bahrain’s ongoing development.”
Adel Abdul Wahab Al Majed, Boubyan Bank’s Vice-Chairman & Group Chief Executive Officer, said: “The bank’s participation in this strategic collaboration reflects its commitment to supporting mega development projects in the region. Boubyan is keen on offering innovative and flexible Islamic finance solutions that contribute to the fulfillment of national development goals, while reinforcing regional collaboration.”
Shaheen H. Al Ghanem, Chief Executive Officer of Warba Bank, added: “We are honoured to support Eskan Bank through this important financing facility. Our participation demonstrates Warba Bank’s dedication to contributing to meaningful initiatives that promote economic stability.”
Dr. Adel Abdullah Salem, Chief Executive Officer of Al Baraka Islamic Bank, concluded: “This financing underscores Al Baraka’s commitment to Bahrain’s long-term success. We have always been a strong supporter of national development priorities and will continue to do so.”
