Grameen to launch in Bahrain

Grameen Bank, which focuses on providing micro-credit facilities, is to open a new operation in Bahrain by the end of the year.

It will be the first micro-finance bank in the region, although the concept has also been discussed in the UAE.

The new entity, called Innovation Bank, will be launched once approval is received from the Central Bank of Bahrain.

Innovation Bank will be 40% owned by the Arab Gulf Programme for United Nations Development Organisations (AGFUND), 40% by Bahrain Development Bank and 20% by private investors.

The bank will have an authorised capital of BD10 million and paid-up capital of BD5m.

Bangladesh's Grameen Bank was recognised last year when it and Dr Muhammad Younus were awarded the Nobel Peace Prize for their contribution to alleviating poverty.