Investing in Employment in the Middle East and North Africa Region

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Press Releases

Frankfurt and Amman, 2014-06-12

SANAD provides USD 2 million loan to Vitas Jordan

Frankfurt and Amman, 12 June 2014 – The SANAD Fund for MSME (SANAD) and Vitas Jordan signed a synthetic local currency loan in Jordanian dinars equivalent to USD 2 million. The loan builds on the successful partnership SANAD has established with the Middle East Micro Credit Company (MEMCC) in Jordan, which became Vitas Jordan in October 2013.

The loan will enable Vitas Jordan to finance approximately 1,100 additional loans to small business owners to generate income, jobs and prosperity for their families and communities. The credit needs of these clients, considered the ‘missing middle’*, are often not adequately served by the existing financial infrastructure in Jordan. SANAD is also supporting Vitas Jordan with a technical assistance project on enhancing business planning skills.

“Looking back on two very successful years of partnership, we can be sure this development will continue to deliver benefits for the people in Jordan,” says Wolfgang Reuss, Chairman of SANAD’s Board of Directors. “With its deep experience in the Jordanian microfinance market, Vitas Jordan is an ideal fit for us in reaching out to the Fund’s final target group and thus supporting growth and employment creation in the region. Moreover, the Fund is proud to support one of its established partners through this exciting transition process: this loan underscores SANAD’s long-term commitment to its partners, even through periods of change.”

“SANAD’s investment will help us expand our operations into new segments and increase our coverage, providing financial services to a larger number of micro and small businesses throughout the country. We are very excited about this loan as it further cements our longstanding partnership with SANAD. It strengthens our ability to deliver outstanding services and continuous support to our clients, fulfilling our vision and promise of ʻFinancing a Better Worldʻ,” said Naser Darwish, General Manager of Vitas Jordan.

* Developing countries have a large number of microenterprises and some large firms, but far fewer small and medium enterprises. This SME gap is referred to as the 'missing middle'.

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About the SANAD Fund for MSME

Initiated and funded by KfW Development Bank with the financial support of the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Union in August 2011, the SANAD Fund for MSME (SANAD) provides medium- and long-term debt and equity financing to commercial banks, microfinance institutions and other financial institutions in the Middle East and North Africa (the MENA region). The purpose of SANAD is to strengthen the local micro-, small and medium enterprise (MSME) sector and financial markets in line with the principles of responsible finance. Eligible countries are currently Algeria, Egypt, Iraq, Jordan, Lebanon, Morocco, the Palestinian Territories, Tunisia and Yemen. The Fund’s activities are supported by a technical assistance facility, which provides capacity-building support to partner institutions. SANAD is a public-private partnership. Its target investor base is comprised of donor agencies, international financial institutions and institutional private investors, including the European Commission, the German Federal Ministry for Economic Cooperation and Development (BMZ), KfW and Switzerland's State Secretariat for Economic Affairs (SECO). SANAD is privately managed by a consortium consisting of Finance in Motion GmbH, Frankfurt/Main and Oppenheim Asset Management Services S.à r.l., Luxembourg.


About Vitas Group and Vitas Jordan

Vitas Group is a commercial holding company created by Global Communities (formerly CHF International) as a long-term vehicle for fulfilling Global Communities’ mission in micro-, small- and medium-enterprise finance. Vitas Group is strongly committed to its founding mission of providing access to financial services for all people with a desire and capacity to improve their lives, helping them to become full social and economic participants in their communities.

Vitas Jordan was established in 2013, but has its roots in earlier Global Communities initiatives. In 1998, Global Communities and USAID initiated a program to bring microfinance to the residents of Southern Jordan. In response to the great demand from these communities, the initiative became a permanent institution, MEMCC (Middle East Micro Credit Company), in 2003 to serve people in need across the entire country. Today, Vitas Jordan reaches out to a broad clientele with a diverse selection of loan products. It benefits from membership in the Vitas Group holding company through a more pronounced emphasis on client service, stronger standard procedures in governance, risk management, human resources and credit, and the ability to react quickly to changes in the Jordanian market. For more information, please visit www.vitasjordan.com


Media Contact SANAD

 

Media contact Vitas Jordan

Xenia Tendyck
Phone: + 49 (0) 69/977 876 50-320
E-mail: press@sanad.lu
  Sandy Salkham
Deputy General Manager for Finance & Administration
Phone: +962 6 5831188
E-mail: ssalkham@vitasjordan.com
 

 
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/