Tamkeen and BDB restructure loans of Pilots

In line with its initiative to provide support to enhance the capabilities of Bahrainis and their employability, Tamkeen announced today it reached an agreement with Bahrain Development Bank (BDB) to restructure loans of beneficiaries of the Gulf Aviation Academy (GAA) Pilot Scheme. 

The agreement will benefit 157 graduates and trainees of the Pilot Scheme, 97 of whom enrolled in the programme at Gulf Aviation Academy (GAA) subisised by Tamkeen. As per the agreement, the repayment period will be extended to up to 7 years, including a 2 year grace period, with monthly payments starting from BD 100. 

The announcement follows the recent signing of an agreement with Gulf Air to offer two-year job training contracts to 40 engineers from Tamkeen’s Aeronautics Engineering Programme. The accords are part of Tamkeen’s efforts to find solutions for graduates and existing trainees of aviation sector support programmes in light of challenging market conditions. 

These efforts were endorsed by Tamkeen Board directives in its quarterly Board meeting held in March of this year, in which Board members and senior management discussed viable options to address issues faced by graduates and trainees who require further support to complete their qualifications and thereon find suitable employment. 

Tamkeen’s Acting Vice-President, Human Capital Development, Mrs. Amal Al Kooheji, commented on the announcement: “Tamkeen will continue to support all  its beneficiaries within its role and set objectives. It is Tamkeen’s top priority to empower Bahrainis to kick-start their careers and be part of national economic progress. As such, we are delighted to reach this restructuring agreement with BDB which will offer financial relief to the Pilot Scheme beneficiaries while we look for suitable employment opportunities for them with regional potential partners.” 

Mr. Adnan Al-Bloushi, BDB Deputy General Manager for Banking Services commented, “This joint initiative with Tamkeen reflects our pledge to support young Bahrainis and develop our nation’s human capital through accessible loan programmes that help them to pursue educational opportunities in various fields, including aviation. Restructuring the loans by extending the repayment period and lowering the monthly installments will put the beneficiaries of the programme on stronger professional and financial footing.” 

The Pilot Scheme is a joint financing initiative between Tamkeen, BDB, and GAA which seeks to graduate qualified Bahraini pilots. Under the scheme, Tamkeen reimburses 100% of the profits on the loans upon completion of the training, and guarantees 50% of the loan amount in the case of default. To date, 67 of the Bahrainis out of the 157 who enrolled in it have completed their training and graduated. 

More than 75,000 Bahrainis and enterprises have benefited from Tamkeen’s programmes so far. More than 100,000 beneficiaries are set to benefit from these programmes in all.