Financing, training, catalyzing change! In this conversation, Iveta Tancheva-Nikolova, Portfolio Manager for the SANAD Fund, shares how the fund is driving real impact across the MENA region: empowering youth and women entrepreneurs, reaching MSMEs in remote communities, and fueling inclusive economic growth. From strategic investments to hands-on support, SANAD is more than just a provider of debt and equity—it’s a partner for progress in the MSME with core focus in the Middle East, and North Africa.

1. What is the SANAD FUND, and what impact does it aim to achieve?

The SANAD Fund for MSME supports micro, small, and medium enterprises, as well as low-income households across the Middle East, North Africa, and selected countries in sub-Saharan Africa. The fund drives meaningful change by supporting local businesses, creating jobs (especially for young people and women), and supporting key sectors like agriculture, affordable housing, and financial technology. SANAD does this by  providing loans and investments to local financial institutions, empowering them to better serve entrepreneurs and small businesses. Through its advisory and capacity building arm, SANAD offers hands-on training and capacity building, financial sector support, and develops innovative tools to make finance more inclusive, responsible, and ready for the future. The fund was initiated by the KFW, with continuous support from the EU and the BMZ, alongside FMO, OeEB, SECO and private impact investors. It is advised by Finance in Motion.

2. What activities, initiatives or opportunities for participation should young people know about?

SANAD is currently raising a new equity sub-fund, targeting investments in early-stage and growth companies. The aim is  to interact with many founders, providing solutions for today’s problems and provide them with capital needed to generate impact across various themes, including digital innovation, gender equality, youth empowerment, and enhanced financial inclusion. Through the fund’s advisory arm, we offer various capacity-building opportunities to MSMEs and entrepreneurs. Among these is the Womenpreneur Digital Hub—the first digital space for women in the MENA region to learn, connect, and grow, offering a wide range of educational resources and networking opportunities. There’s also a free online course in Arabic designed to help aspiring entrepreneurs start and manage successful businesses. Building on these efforts, we are rolling out even more exciting initiatives for young entrepreneurs across MENA and Sub-Saharan Africa. 

3. What advice do you wish you had received at 20?

When I was 20, I was living in a period of rapid change and uncertainty in my home country Bulgaria. I wish someone had told me then that uncertainty isn’t something to fear—it’s actually where the most meaningful growth happens. When you are 20 these days there is pressure that you need to have everything figured out: your career path, your purpose, your five-year plan. But the truth is, some of the most interesting opportunities come from moments of not knowing.