Investing in Employment in the Middle East and North Africa Region

Press Releases

Luxembourg, 2018-01-30

Press Release – SANAD loans USD 10 million to Banque du Caire to support MSMEs

The SANAD Fund for MSME (SANAD) has announced a USD 10 million senior loan to Egypt’s Banque du Caire to support the expansion of the bank’s lending operations for micro, small and medium enterprises (MSMEs). 
 
The sixth largest bank in Egypt, Banque du Caire is a strong contributor to the national economy across all sectors. Its special focus on microfinance, combined with a broad network of over 230 branches spread across the country, puts it in a unique position to further the SANAD fund’s goals of economic development and job creation in the Middle East and North Africa. With the SANAD loan, Banque du Caire aims to pursue ambitious targets for developing and expanding its leading position in the MSME sector, increasing SANAD’s outreach to Egyptian MSMEs and fostering job creation in the country. 
 
SANAD Board Chairperson Dr. Daniela Beckmann said, “We are thrilled to be joining forces with Banque du Caire in its efforts to provide financing to the still-underserved ‘missing middle’ in the Egyptian economy. MSME development is essential to economic prosperity, and the bank’s focus on this segment resonates soundly with the SANAD fund’s mission to support business growth in the region.”

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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
 
Media contact – SANAD
 
Merle Römer
Manager, Marketing & Communications
Tel: +49 (0)69 / 271 035-171 

 
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/