EU-funded SANAD and Compagnie Internationale de Leasing boost financing for entrepreneurs in Tunisia
December 30, 2019
The SANAD Fund for MSME (SANAD) has announced a renewed partnership with Compagnie Internationale de Leasing (CIL) to expand financing options for micro, small, and medium enterprises (MSMEs) in Tunisia. Through a senior loan of €6 million, the international impact investment fund is contributing to CIL’s ability to support the development of this important but underserved segment of the Tunisian economy.
CIL is among the five largest leasing institution in the country, with a strategic focus on entrepreneurs. With almost 99% of its lease portfolio provided to MSMEs, CIL’s client base makes it an optimal partner in helping SANAD channel resources to local business owners – a crucial driver of economic growth and employment in the country. This second SANAD investment will be used to offer financial products to both urban and agricultural MSMEs, following the successful utilization of the first SANAD loan to CIL in 2017.
Established in 2011, the SANAD Fund for MSMEs 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’s investors include the KfW Development Bank and the European Union.