SANAD Supports SMEs in Lebanon through Partnership with Bank Audi
Frankfurt am Main and Beirut, 5 February 2013 – The SANAD Fund for MSME (SANAD) signed a loan facility of up to USD 20 million with Bank Audi sal - Audi Saradar Group (Bank Audi) to support the expansion of its lending activities to small and medium enterprises (SME) in Lebanon – a priority growth area for Bank Audi.
SANAD is pleased to partner with Bank Audi as it is one of the most active lenders to the SME market in Lebanon. Through the partnership, the Lebanese SME sector is therefore set to benefit from improved access to finance. In addition, the loan’s long-term tenor is a key element in addressing the need to support medium to longer-term funding for SMEs. SANAD and Bank Audi are also looking for partnerships in other countries in the region.
Initiated by KfW (the German Development Bank) with the financial support of the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Union in August 2011, SANAD provides medium and long-term debt, guarantees and equity financing to commercial banks, microfinance institutions, and other financial institutions across the MENA region. The purpose of SANAD is to strengthen the local micro, small and medium enterprise sector and financial markets in line with the principles of responsible finance. Eligible countries are currently Algeria, Egypt, Iraq, Jordan, Lebanon, Morocco, the Palestinian Territories, and Tunisia. Activities of the fund are supported by a Technical Assistance Facility providing capacity-building support to partner institution. SANAD is a public-private partnership with target investors comprising of donor agencies, international financial institutions and institutional private investors, and current investors including the European Commission, the German Federal Ministry for Economic Cooperation and Development (BMZ). SANAD is privately managed by a consortium of Finance in Motion GmbH, Frankfurt/Main, and Oppenheim Asset Management Services S.à r.l., Luxembourg.
Download Press Release
About Bank Audi sal - Audi Saradar Group
Media Contact SANAD
Media Contact Bank Audi sal - Audi Saradar Group
Phone: +49 (0)69/977 876 50-171