EU-funded SANAD Fund reinforces its support to Egyptian banks
July 7, 2020
The SANAD Fund for MSME (SANAD) announced on 2 July that it has been granted the approval of the Central Bank of Egypt to provide Tier II capital to banks in Egypt. The approval will enable SANAD to commit supplementary capital to help banks in the country increase their support for Egypt’s ongoing economic development, especially within the current difficult environment brought about by the COVID-19 pandemic. By strengthening banks’ capital base, the impact fund aims to further promote a solid financial infrastructure to serve micro, small, and medium enterprises (MSMEs) in the region.
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.