Investing in Employment in the Middle East and North Africa Region

Press Releases

Luxembourg and Cairo, 2018-01-24

Press Release – SANAD and Export Development Bank partner to support SMEs in Egypt

The SANAD Fund for MSME (SANAD) has provided a senior loan of USD 10 million to the Export Development Bank of Egypt (EBE) to advance the bank’s efforts in expanding its lending operations to small and medium-sized enterprises (SMEs). 

One of the first banks in Egypt to target SME lending, the EBE today plays a vital role in serving Egyptian exporters, many of whom are SMEs. It is currently seeking to grow its SME portfolio. To this end, the SANAD investment will not only boost the bank’s institutional capacity and lending infrastructure, the fund also aims to promote SME development in the region by offering technical assistance to the bank’s small-sized customers.

SANAD Board Chairperson Dr. Daniela Beckmann said, “With its focus on the export segment, the EBE’s endeavors to expand its SME financing put it in a unique position to help the SANAD Fund reach our target groups in Egypt. We are glad to welcome the Export Development Bank of Egypt into our family of partner institutions, working together to promote economic development in the region.”

EBE Chairperson Mervat Soltan said that the signing of the agreement sets a strong signal for the shared value of the two institutions in contributing to the growth of the SME sector by providing necessary financing. She added, “SMEs are considered one of the main propellers of economic growth, as they provide self-employment opportunities and increase the employment rate with their relatively low start-up capital costs.” 

Ms. Soltan believes that the EBE’s leading position in the SME sector will support its aim to expand and develop this segment, as is directly reflected in the bank’s increase in its SME portfolio. 

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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 with 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 GLS Treuhand; 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 the Export Development Bank of Egypt

The Export Development Bank of Egypt was established in 1983 to encourage and develop Egyptian exports and assist in creating export sectors in the fields of agriculture, industry, commerce and services in Egypt. It is governed by the regulations of the Central Bank of Egypt and the Banking and Monetary System Law. It provides an integrated range of banking services, including short-term, medium-term and long-term finance. For more information, please visit: www.ebebank.com

Media contact – SANAD

Merle Römer
Manager, Marketing & Communications
Tel: +49 (0)69 / 271 035-171 
Email: press@sanad.lu

Media contact – Export Development Bank of Egypt

Ghada A. Kelada
PR Senior Team Leader
Tel: +202 3761 9006 ext. 51050
Email: ghada.anis@ebebank.com

 

 
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/