Investing in Employment in the Middle East and North Africa Region

SANAD Entrepreneurship Academy

Press Releases

Luxembourg and Rabat, 2015-08-27

EUR 5 million senior loan to Al Amana marks SANAD's first investment in Morocco

Luxembourg and Rabat, 27 August 2015 – The SANAD Fund for MSME (SANAD, the Fund) and Al Amana Microfinance (Al Amana) announced today the disbursement of a 5 million EUR senior loan facility to support Al Amana’s lending activities to micro-entrepreneurs in Morocco. Al Amana is Morocco’s leading microfinance institution, serving 38% of borrowers.
 
Al Amana is not only providing microloans, but is also a pioneer in ancillary services such as microinsurance, money transfers, which contribute to enhancing financial inclusion of low-income clients. With its extensive network of 585 branches and mobile branches, more than half of which in rural areas, the institution ensures excellent outreach to SANAD’s target group.
 
Youssef Bencheqroun, CEO of Al Amana: “The expertise of SANAD, both in terms of regional experience and in the field of microfinance, promises to make this partnership a fruitful one with positive impact on our target group. We are looking forward to a long-term partnership to foster financing opportunities for the country’s microenterprises.”
 
Wolfgang Reuss, Chairman of SANAD’s Board of Directors, said he was pleased to see the partnership between SANAD and the Al Amana promoting responsible finance in the region: “SANAD is proud to partner with Al Amana, the market leader among microfinance institutions not only in Morocco, but also in the MENA region. Al Amana’s mission to contribute to economic and social development of Moroccans through financial inclusion aligns perfectly with SANAD’s own mission.”
 
About the SANAD Fund for MSME 
The SANAD Fund for MSME (SANAD) was established and initially funded by KfW Development Bank in 2011 with financial support from the German Federal Ministry for Economic Cooperation and Development (BMZ), the European Union, and Switzerland’s State Secretariat for Economic Affairs (SECO). SANAD provides medium- and long-term debt and equity financing to partner institutions – i.e. commercial banks, microfinance institutions and other financial institutions – in the Middle-East and North Africa (the MENA region) to strengthen the local micro, small and medium enterprise (MSME) sector as well as the financial infrastructure in line with the principles of Responsible Finance. Eligible countries are Algeria, Egypt, Iraq, Jordan, Lebanon, Morocco, the Palestinian Territories, Tunisia and Yemen. As a means to maximize SANAD’s development impact and outreach, the SANAD Technical Assistance Facility provides capacity-building support to partner institutions. SANAD, a public-private partnership, is privately managed by a consortium consisting of Finance in Motion GmbH, Frankfurt/Main and Oppenheim Asset Management Services S.a r.l., Luxembourg.
For more information, please visit: www.sanad.lu
 
About Al Amana Microfinance
Al Amana Microfinance (Al Amana) is a microcredit institution established on 13 February 1997 and authorised by the Ministry of Finance on 31 March 2000. It is regulated by the Dahir of 15 November 1958 as well as laws 18-97 and 58-03 relating to microcredit activity.
Al Amana’s mission as an important player in economic and social development through financial inclusion translates into an offer of financial and non-financial local services adapted to its target population. Its large branch network covers both urban and rural areas.
The lending business of the institution is essentially focused on two types of loans: business loans granted to individual clients or groups of two to five clients who would like to develop their own production or service activity; and housing loans granted to clients who are seeking to acquire, construct or renovate their home, improve the electrical wiring of their home or ensure their household’s access to running water.
In 2012, Al Amana began to diversify its business so as to expand its services, respond to the needs of its target population, and reinforce its mission of financial, economic and social inclusion, utilising partnerships to offer new products adapted to the needs of populations with low incomes. For this, the “TAYSSIR ALAMANA” micro-insurance product was introduced as well as “HISSAB BIKHIR” for opening bank accounts without cheque books, backed by basic electronic banking products. Al Amana also introduced domestic and international money-transfers as a standard service throughout its network.
For more information, please visit: http://www.alamana.org.ma/
 
Media contact – SANAD
Christine Prütz
Phone: +49 69 977 876 50-22
E-mail: press@sanad.lu
 
Media contact – Al Amana
Khadija Boujmal
Phone: +212 661 916 990
E-mail: k.boujmal@alamana.org.ma

 
Initiated
|
Advised by
 
  • http://www.kfw-entwicklungsbank.de/
  • http://www.finance-in-motion.de/
 
 
Funded by
 
  • http://www.bmz.de/
  • http://ec.europa.eu/
  • http://www.kfw-entwicklungsbank.de/