EU-funded SANAD finances 200,000th loan to foster entrepreneurship in Middle East and North Africa
February 5, 2020
The SANAD Fund for MSME (SANAD) announced yesterday that its investments have facilitated the 200,000th subloan to support entrepreneurs in the Middle East and North Africa.
By providing dedicated funding to local financial institutions committed to serving micro, small, and medium enterprises (MSMEs) in the region, SANAD expands the ability of entrepreneurs to access much-needed financing to invest in their long-term success. The 200,000th such sub-loan was recently disbursed by Microfund for Women (MfW), a SANAD partner and investee since 2015. The loan in the amount of 710 Jordanian dinar (USD 1,000) was provided to Maysson Ja’far Almomani to finance the sewing business she runs out of her home in Ajloun, Jordan.
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.