EU-funded SANAD provides first Tier II capital in Egypt to Banque du Caire
December 2, 2020
The SANAD Fund for MSME (SANAD) has provided its first Tier II capital investment in Egypt to long-standing partner Banque du Caire. The investment will strengthen the bank’s capital base by USD 30 million. Through the transaction, the fund aims to boost Banque du Caire’s strong growth plans and ability to provide local businesses, including micro, small, and medium enterprises (MSMEs) and agricultural producers as well as microfinance institutions, with much-needed liquidity to different client segments in a business environment made difficult by the COVID-19 crisis.
The leading microfinance bank in Egypt, Banque du Caire has been a strategic SANAD partner since 2017, supporting the impact investment fund in its aim to expand access to responsible business financing for MSMEs.
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.