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Luxembourg and Beirut, 29 November 2017 , 2017-11-29

SANAD lends USD 20 million to Lebanon’s Fransabank to support SMEs and low-income households

Luxembourg and Beirut, 29 November 2017 – The SANAD Fund for MSME (SANAD) has provided a senior loan of USD 20 million to Fransabank SAL to support the bank’s efforts in expanding its lending operations to small and medium enterprises (SMEs), and providing housing loans to low-income individuals. Fransabank is the fourth largest bank in Lebanon with a strong presence in rural areas and focuses particularly on the small and medium-sized enterprise segment. For SANAD, the investment will strengthen the Fund’s position in the market and bolster visibility in Lebanon.
 
As a fully-fledged universal bank, Fransabank offers all products and services required by SMEs and individuals with competitive and responsible pricing, and operates the largest local branch network (124 branches) spread across all national territory. The SANAD loan will assist Fransabank in diversifying its fund base and providing long-term financing to SMEs as well as to low-income households for home improvement and purchase.
 
SANAD Board Chairperson Dr. Daniela Beckmann said: “Fransabank is an ideal partner in Lebanon due to its strong focus on financing SMEs, which is core to the SANAD Fund on account of its direct impact on employment generation in the country. Furthermore, Fransabank, in providing housing loans to low-income individuals, serves another important objective of our Fund. We are very much looking forward to the collaboration.”
 
Fransabank Chairman Adnan Kassar said: “Supporting Lebanese enterprises and low-income individuals through improved access to long-term finance at favorable conditions falls within our core strategy to actively contribute to the increase of job creation and to the development of the private sector in Lebanon, which constitutes the backbone of the economy. This loan from SANAD to Fransabank constitutes the first cooperation between our two institutions, and we hope that this relationship will further grow to our mutual satisfaction.”
 
During the last decade and as part of its development strategy, Fransabank has been supporting rural and socioeconomic development, focusing on youth, education for all, financial inclusion and women’s empowerment. It has also been boosting private sector investments in clean energy.
 
About SANAD
Established in 2011, the SANAD Fund for MSME finances micro, small and medium enterprises and low-income households in the Middle East and North Africa via qualified local lenders. SANAD thereby fosters economic development and job creation – including youth employment – agriculture, affordable housing, and innovations in finance and financial technologies. SANAD strives to meet these goals by providing debt and equity financing to its local partners. The SANAD Technical Assistance Facility multiplies the fund’s development impact and outreach through capacity-building at partner institutions, developing financial infrastructures according to the principles of responsible finance and conducting much required R&D. SANAD’s investors include the KfW Development Bank, which initiated the fund; the German Federal Ministry for Economic Cooperation and Development (BMZ); the European Union; Switzerland’s State Secretariat for Economic Affairs (SECO); OeEB, the Development Bank of Austria; Germany’s GLS Bank; and the Dutch development bank FMO. A public-private partnership, the fund is advised by Finance in Motion GmbH, Frankfurt am Main, Germany. For more information, please visit: www.sanad.lu
 
About Fransabank
Fransabank was established in 1921 and is registered number one on the list of banks operating in the country. It operates through 124 branches and has an international presence in 9 countries in addition to Lebanon including the MENA region, Europe and Africa. The bank is one of the leading banks in Lebanon, ranking fourth in Total Assets and Customer’ Deposits and third in Net Loans to Customers. It offers a large product line including retail, corporate, investment, private and insurance. Fransabank has been partnering for more than 20 years with prominent development banks and international financial institutions.
For more information, please visit: www.fransabank.com
 
Media contact – SANAD
Merle Römer
Manager, Marketing & Communications
Tel: +49 (0)69 / 271 035-171
Email: press@sanad.lu
 
Media contact – Fransabank
Dania Kassar
Head, Marketing and Corporate Communication Department
Tel: 01-340180 ext. 1298
Email: marketing@fransabank.com

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