EU-funded SANAD and Banque du Caire strengthen partnership in light of COVID-19 crisis
July 30, 2020
The SANAD Fund for MSME (SANAD) announced yesterday that it has provided a loan of USD 15 million to partner Banque du Caire (BdC) for on-lending to micro, small, and medium enterprises (MSMEs), agricultural producers, and microfinance institutions (MFIs) in Egypt. The investment aims to strengthen the bank’s ability to continue offering much-needed liquidity to business owners and farmers in response to the economic difficulties brought about by the COVID-19 crisis.
A SANAD partner since 2017, the bank has proven its commitment to supporting the fund’s mission to promote economic growth and job creation by channeling tailored financing to Egypt’s business owners.
The SANAD Fund was established in 2011 to foster economic development and create jobs, particularly for youth, in the Middle East and North Africa by providing debt and equity funding to local financial institutions that lend money to support MSMEs and housing development. The SANAD Technical Assistance Facility multiplies the fund’s development impact and outreach through capacity-building at partner institutions, developing financial infrastructures according to the principles of responsible finance and conducting much required R&D.