Investing in Employment in the Middle East and North Africa Region

Press Releases

Amman, Luxembourg, and New York, 2018-01-10

Sanadcom for Business Finance Commences Operations in Jordan to Serve Small and Medium-Sized Enterprises

Amman, Luxembourg, and New York, January 10, 2018 – Sanadcom for Business Finance (Sanadcom) is pleased to announce that it is now fully operational, having secured the entry of Jordan’s Microfund for Women (MfW) and Bahrain’s GMS Ventures and Investments as anchor investors, with additional equity funding and support from SANAD Fund for MSME (SANAD) and Women's World Banking Capital Partners, LP (WWBCP), as strategic international investors. This innovative venture is uniquely positioned as one of the first companies in the Kingdom of Jordan that is dedicated to financing small and medium enterprises (SMEs).

Sanadcom was established to offer accessible, transparent and competitive financing for small and medium enterprises in Jordan to help alleviate poverty; empower entrepreneurs, particularly women; and to foster employment creation in Jordan. Under the leadership of Raed Qafiti, a seasoned SME finance executive, Sanadcom has built up an impressive portfolio with almost 400 active clients (of whom 20% are women), with loans ranging in size from JOD 10,000 to JOD 75,000 (approx. USD 15,000 to USD 100,000), and is set to emerge as a premier lender in this sector. Sanadcom seeks to reflect its gender-diverse client base in its own operations, with women making up 53% of loan officers and representing 25% of the senior management team.

Commenting on the launch, Sanadcom Chairman Ghiath Sukhtian said, “We at Sanadcom are driven by our belief in the importance of the SME sector in building Jordan's economy, reducing unemployment and driving overall growth. By providing modern financing products that meet the ambitious and growing needs of the sector, we aspire to uphold our strong social mission, empower entrepreneurs with a focus on women, and create job opportunities in Jordan whilst generating sustainable returns.”

Sanadcom offers a wide range of innovative and tailored products to address the growing needs of SMEs and to support dynamic growth entrepreneurs who require financial support and backing as they graduate from microenterprises into small and medium sized businesses. This service offering will be complemented by innovative use of delivery channels, new technologies, and non-financial services to empower young entrepreneurs, particularly women, to unlock and realize their full potential.

In turn, Sanadcom Board Member and MfW’s Managing Director, Muna Sukhtian, stated, “SMEs are the heart of the Jordanian economy, and we are very proud to be launching a company dedicated solely to serving this extremely critical segment of the Kingdom’s business landscape and supporting the entrepreneurs and small business owners to establish and develop their enterprises.”

SANAD Board Chairperson Dr. Daniela Beckmann added, “We are proud to support the launch of Jordan’s first company dedicated to financing small and medium enterprises. Sanadcom is uniquely positioned to address this vastly underserved segment by supporting growth entrepreneurs that have graduated from microfinance programs and require larger financing lines and backing to grow and develop their businesses – this speaks to the heart of our mission to support SMEs and promote innovations in finance throughout the region.”

Mary Ellen Iskenderian, President and CEO of the global nonprofit Women’s World Banking and General Partner of WWBCP, said, “It’s undeniable that women-owned SMEs hold enormous potential for Jordan’s economy. We applaud Sanadcom for its commitment to serving women entrepreneurs who rely on access to capital to build security and prosperity for themselves, their families and their businesses. We look forward to supporting Sanadcom’s future as a model institution for women’s financial inclusion in Jordan.”

Ms. Iskenderian also noted that institutions supporting women-owned SMEs are of particular interest to the fund given their contribution to the global economy. According to a recent Goldman Sachs study, the global gender gap in access to credit amounts to a financing opportunity of approximately USD 285 billion. If the gap is closed by 2020 in just 15 countries, per capita incomes could on average be 12 percent higher by 2030.

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About MFW
Microfund for Women (MFW) is a privately owned non-profit organization, a microfinance institution dedicated to empowering the less fortunate entrepreneurs, with a message of hope for women, guiding them to transform their lives through their own economic empowerment. We seek to diminish the obstacles that stand between their future success, providing a better life for them and their families which results in a better just and equal society, through granting them access to finance to support their start-ups or strengthen their current businesses. Though typically very small, these businesses enable beneficiaries to accumulate assets, create jobs for others and their first step to work their way out of poverty.

About GMS Ventures and Investments
GMS Ventures and Investment is a wholly owned subsidiary of GMS Holdings. GMS Holdings is a holding company for a group of diversified businesses and assets around the world. Their investments span several geographies and industries in both the private and public domains. They have a long track record of building successful organizations which are market leaders in the fields in which they operate. They approach their investments with a global perspective, and are driven by a firm belief that superior results are achieved through a commitment to long-term growth.

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:

Media contact – SANAD
Merle Roemer
Phone: +49 (0) 69 271 035-171

About Women’s World Banking Capital Partners, LP
Women’s World Banking Capital Partners, LP, is a private equity limited partnership that makes direct equity investments in women-focused financial institutions. This venture, with more than USD 50 million under management seeks to demonstrate what the global nonprofit organization Women’s World Banking has long maintained: providing women with access to financial services is profitable business for banks, while contributing to the economic growth and welfare of families and communities. Women’s World Banking Capital Partners is co-managed by WWB Asset Management and Triodos Investment Advisory & Services of the Netherlands. With 27 investors in the Fund representing a mix of development finance institutions, private pension funds, microfinance investment vehicles and individual investors, Women’s World Banking Capital Partners is the only specifically women-focused and women-managed microfinance equity fund in the market today.

Media contact, Women’s World Banking: Maura Hart at +1 212 556 3156 or

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