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Press Releases

Luxembourg and Beirut, 2019-02-26

SANAD and Al Majmoua advance financial inclusion in Lebanon

Fund lends USD 5 million to leading microfinance institution to provide financing for underserved groups


Luxembourg and Beirut, February 26, 2019 – The SANAD Fund for MSME (SANAD), an impact investment fund advised by Finance in Motion, has announced a senior loan of USD 5 million to Al Majmoua for on-lending to micro and very small enterprises in Lebanon. A portion of the facility is also designated for housing loans for low-income individuals.

Al Majmoua is the leading microfinance institution in Lebanon, currently serving over 79,000 borrowers through its 28 branches. The institution has a strong social mission, dedicated to offering financial products and business development services tailored for women, youth, and marginalized groups such as Palestinian and Syrian refugees.

SANAD Board Chairperson Dr. Daniela Beckmann said, “As an impact investment fund, our aim is to support economic development from the ‘bottom up’ by providing small enterprises and low-income individuals with the financial tools to ensure their success. We are therefore very pleased to be continuing our joint efforts with Al Majmoua to expand financial inclusion in Lebanon.”

Uwe Schober, Director at SANAD advisor Finance in Motion, added: “Al Majmoua has been a long-standing partner to SANAD in helping us access our target group of entrepreneurs, especially underserved groups like women, youth, and refugees. The organization’s market expertise, social mission, and branch network across the country make it particularly valuable in helping us pursue our mission.”

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About the SANAD Fund for MSME
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.

An impact investment fund advised by Finance in Motion, 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; the Dutch development bank FMO; and Calvert Impact Capital.

For more information on the SANAD Fund for MSME, please visit: www.sanad.lu For more information on Finance in Motion, please visit: www.finance-in-motion.com

About Al Majmoua
Al Majmoua is an independent, non-profit Lebanese non-governmental organization, initially created as a micro-credit program by Save the Children in 1994 to finance low-income women entrepreneurs. In 1997, it spun off into a fully autonomous non-governmental organization.

Al Majmoua provides low-income individuals, particularly women, residing in Lebanon with affordable financial services to build sustainable businesses. Al Majmoua also provides non-financial services to support and strengthen beneficiaries through free consultancy and management training.

Al Majmoua is the leading and largest microfinance institution in Lebanon.

For more information, please visit: www.almajmoua.org


Media contact – SANAD
Nikki Eggers
Senior Officer, Marketing & Communications
Phone: +49 (0)69 271 035-470
Email: press@sanad.lu


Media contact – Al Majmoua
Simon Yazbeck
Senior Marketing and Communication officer
Phone: +961 (1) 369 269 ext. 228
Email: simon.yazbeck@almajmoua.org

 
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/